48% of Florida Home Owners Are Underwater.

Distressed properties, Existing Home Sales, florida, Foreclosures, hernando, mortgage, REAL ESTATE, REO, resells, short sell

According to First American CoreLogic 48% of Florida mortgages are underwater. This put Florida ranked #3 in the country, Nevada being the worst at 70% and Arizona leading Florida by a small margin at 51%.

While many home owners are not planning on moving anytime soon and will likely ride out their mortgages until they have achieved positive equity. The real issue lies in the current record inventory and foreclosures. The volume of foreclosures in Hernando county remains extremely high as of today there are about 3100 homes. This will continue to put pressure on the housing market through out 2010. The bright spot is if the country goes through short term hyper-inflation, we could see home prices start to increase.

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