Make us your home page

Nearly half of Tampa Bay homeowners underwater on mortgages

Three years of depreciation have left close to half of Tampa Bay homeowners owing more on their mortgages than their homes are worth.

In a September report put out by First American CoreLogic, a real estate information company, 46 percent of residential properties in the Tampa Bay area struggled with negative equity. That's 314,183 out of 684,822 homes.

In Florida, about 2 million of 4.6 million home mortgages were underwater, for a rate of 45 percent.

The number of upside-down homeowners has been rising in Tampa Bay and Florida. Eleven percent more Tampa Bay properties were underwater in September than in June, when First American's last report came out.

"The recent improvement in home prices this past spring and summer has slowed the increase in negative equity," said First American economist Mark Fleming. "But it will take a significant rebound in home prices, which we are not expecting, to offset the dampening effects."

Nevada had the highest rate of upside-down mortgages, affecting nearly two-thirds of home­owners. Arizona was next with 48 percent. Florida was third.

The bulk of distressed homeowners financed their properties in 2006 or 2007, close to the housing price peak in Tampa Bay. Altogether, bay area home­owners owe $104.6 billion on $116.3 billion worth of property, First American said.

First American admits it exaggerated negative equity earlier this year by assuming homeowners made fuller use of home equity loans than they actually did. But even after correcting those figures, negative equity is still rising.

James Thorner can be reached at or (813) 226-3313.


45 percent

2M of 4.6M homes


46 percent

314,183 of 684,822 homes

Nearly half of Tampa Bay homeowners underwater on mortgages 11/24/09 [Last modified: Wednesday, November 25, 2009 4:32pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Tampa man pleads guilty to forging check for fake investment

    Personal Finance

    A Tampa resident was convicted Thursday for forging a check for a fake investment. The Florida Office of Financial Regulation said that Eric Franz Peer pleaded guilty. He served 11 months in jail and will have to pay $18,000.

  2. Minority business accelerator launch by Tampa chamber to aid black, Hispanic businesses


    A "minority business accelerator" program was launched Thursday by the Greater Tampa Chamber of Commerce geared toward helping black and Hispanic business owners identify and overcome barriers to grow their companies. The accelerator, known as MBA, will provide participants with business tools to cultivate opportunities …

    Bemetra Simmons is a senior private banker at Wells Fargo, The Private Bank. She is also chair of the new minority business accelerator program for the Greater Tampa Chamber of Commerce. [Photo, LinkedIn]
  3. Terrier Tri brings unique triathlon training to South Tampa


    Over a decade ago, Robert Pennino traded late nights in the music studio for early mornings in the Terrier Tri cycle studio.

    Terrier Tri, a cycling studio in South Tampa celebrates a grand opening on June 27. Photo courtesy of Tess Hipp.
  4. New bistro hopes to serve as 'adult Chuck E. Cheese'


    YBOR CITY — Inside Cheezy's Bistro and Speakeasy, a new restaurant opening in Ybor City, customers will find a mix of family recipes, games and secrecy.

    Cheezy's Bistro and Speakeasy readies to open in Ybor City. Photo courtesy of Cheezy's Bistro and Speakeasy.
  5. Ramadan having an economic impact on local charities, businesses

    Economic Development

    TAMPA — Dodging the rain, a few families and customers gathered inside Petra Restaurant on Busch Boulevard. Around 8:30 p.m., the adham (or call to prayer) music begins, signaling Iftar, the end of the daily fast. Customers grabbed a plate to dig into the feast.

    Baha Abdullah, 35, the owner of the Sultan Market makes kataif, a common dessert that is eaten during the month long celebration of Ramadan in Tampa. [OCTAVIO JONES   |   Times]