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.

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RealtyTrac describes a deeply underwater property as one that is worth 25 percent less than the combined loans secured by the property.

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Florida cities also were among the metro areas with the highest rates of deeply underwater properties.

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At the top of the list was Las Vegas, followed by Orlando, Detroit, Tampa, Miami and Chicago.