Florida Real Estate: Nearly 50% of Jacksonville Homes Are Underwater

Rate of underwater mortgages in Jacksonville, Florida is twice as high as the national averageNorthern Florida is taking on water, and it's not the kind that falls from the sky. New data reveals that nearly half of Jacksonville, Fla.-area homeowners are underwater on their mortgages, meaning they owe more on their loan than their house is worth in the current market. Some 48.9 percent of Jackonsonville single-family homes registered negative equity in the second quarter of 2010, according to Zillow.com. Jacksonville homes have lost more than one-third of their value since the August 2006 peak, with the median price now at 2004 levels. Jacksonville's negative equity rate is more than twice the national average.

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