Make us your home page

One-third of Tampa Bay mortgage holders owe more than property is worth

Almost a third of us in the Tampa Bay area owe more on our mortgages than our property is worth.

In a measure of how deeply housing values have sunk, real estate consultant First American CoreLogic reports that 183,821 properties in the Tampa-St. Petersburg-Clearwater area have negative equity.

That's 31 percent of all properties carrying a mortgage in our region. Another 28,349 mortgages, or 4.8 percent, are close to being "under water," the company said.

Negative equity is a greater problem in the Tampa Bay area than it is nationally. About 8.3 million mortgages, or 20 percent, are underwater across the country as a whole. Florida's rate was 30.3 percent, or 1.28 million underwater mortgages.

The median sales price of homes in the region fell nearly 50 percent between June 2006 and January 2009. Such devaluation has especially squeezed homeowners who took out expensive mortgages at the peak of the housing boom.

"The accelerating share of negative equity, combined with deteriorating economic conditions, means that mortgage risk will continue to increase until home prices and the economy begin to stabilize," said Mark Fleming, chief economist for First American CoreLogic.

Five states, including Florida, stood out for their disproportionate share of mortgages in the most distress. The other states are California, Nevada, Arizona and Michigan.

One-third of Tampa Bay mortgage holders owe more than property is worth 03/04/09 [Last modified: Friday, March 6, 2009 2:04pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Pinellas licensing board asks Sen. Jack Latvala for $500,000 loan

    Local Government

    The troubled Pinellas County agency that regulates contractors wants Sen. Jack Latvala to help it get a $500,000 lifeline from the state to stay afloat.

    State Sen . Jack Latvala, R- Clearwater, is being asked to help the Pinellas County Construction Licensing Board get $500,000 from the state so it can stay open beyond February.  [SCOTT KEELER   |   Times]
  2. In advertising, marketing diversity needs a boost in Tampa Bay, nationally


    TAMPA — Trimeka Benjamin was focused on a career in broadcast journalism when she entered Bethune-Cookman University.

    From left, Swim Digital marketing owner Trimeka Benjamin discusses the broad lack of diversity in advertising and marketing with 22 Squared copywriter Luke Sokolewicz, University of Tampa advertising/PR professor Jennifer Whelihan, Rumbo creative director George Zwierko and Nancy Vaughn of the White Book Agency. The group recently met at The Bunker in Ybor City.
  3. Tampa Club president seeks assessment fee from members


    TAMPA — The president of the Tampa Club said he asked members last month to pay an additional assessment fee to provide "additional revenue." However, Ron Licata said Friday that the downtown business group is not in a dire financial situation.

    Ron Licata, president of the Tampa Club in downtown Tampa. [Tampa Club]
  4. Under Republican health care bill, Florida must make up $7.5 billion


    If a Senate bill called the Better Care Reconciliation Act of 2017 becomes law, Florida's government would need to make up about $7.5 billion to maintain its current health care system. The bill, which is one of the Republican Party's long-promised answers to the Affordable Care Act imposes a cap on funding per enrollee …

    Florida would need to cover $7.5 billion to keep its health care program under the Republican-proposed Better Care Reconciliation Act of 2017.  [Times file photo]
  5. Amid U.S. real estate buying binge by foreign investors, Florida remains first choice

    Real Estate

    Foreign investment in U.S. residential real estate recently skyrocketed to a new high with nearly half of all foreign sales happening in Florida, California and Texas.

    A National Association of Realtors annual survey found record volume and activity by foreign buyers of U.S. real estate. Florida had the highest foreign investment activity, followed by California and Texas. [National Association of Realtors]