ORLANDO (CBSMiami/AP) — Florida has the nation’s second-highest rate of residential properties that were deeply underwater last month, according to a new report.
The research firm RealtyTrac said Thursday that just over a third of Florida’s residential properties were deeply underwater. Only Nevada had a higher rate.READ MORE: Broward School Board Reverses Mask Mandate, Complies With Ron DeSantis
RealtyTrac describes a deeply underwater property as one that is worth 25 percent less than the combined loans secured by the property.READ MORE: Miami Weather: Sweltering Summer Temps Will Develop Into Stormy Day
Florida cities also were among the metro areas with the highest rates of deeply underwater properties.MORE NEWS: Elderly Dogs Abandoned In Pembroke Pines Get New Leash On Life
At the top of the list was Las Vegas, followed by Orlando, Detroit, Tampa, Miami and Chicago.