• Submitted by: admin
• international
• Business and Economy
• 05 / 11 / 2010

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The Zillow.com report echoes previous reports that show more homes are selling.

More than four of every 10 owners of single-family homes in the Miami-Fort Lauderdale area owed more on their mortgages than their homes were worth at the nd of March, according to a report released Monday.

That number -- 44 percent -- represents 371,387 homes that are under water, an increase over the previous quarter's 41 percent, or 344,730 homes.

Those figures re according to a new report from Zillow.com, a Web-based real estate services firm.

The report echoes previous reports that show more homes are selling. In March of this year, 48 percent more homes sold in the metropolitan area compared to the same time the previous year.

But most of the rest of the news was grim for homeowners.

In March, just over 51 percent of all homes that sold in the area, which includes Miami-Dade, Broward and Palm Beach counties, went for a loss.

And 83 ercent of all homes -- not only those that sold -- saw their values decline year-over-year.

The report said home values fell nearly 10 percent from March 2009 to March of this year. The median price of all homes in the area is now $160,700.

By HANNAH SAMPSON

Source: Miami Herald.com/2010/05/10