Negative equity picture improves

Roughly 44% of all outstanding mortgage loans in Florida are “underwater” -- that is, roughly 1.9 million of the 4.3 million Floridians with a mortgage owe more than the value of their homes, and are in negative equity.

Across the U.S., roughly 22% of borrowers are underwater, according to CoreLogic, which updates negative equity rates on a quarterly basis.

Each of the three major Gulf Coast metros has negative equity rates near the state average. North Port-Bradenton-Sarasota has the lowest rate, with 39.4% of borrowers (representing 76,061 properties) underwater. The rate is also decreasing; since last quarter, roughly 2,800 fewer borrowers are in negative equity.

In Cape Coral-Fort Myers, roughly 4,000 mortgage borrowers, or 5.4% of all underwater borrowers from last quarter, are no longer in negative equity. As of the third quarter, the metro area's negative equity rate is 44.4%, representing 70,696 properties.

Tampa-St. Petersburg-Clearwater has the highest underwater rate of the three Gulf Coast metros at 47%, representing 311,511 borrowers. Only 1% of last quarter's negative equity borrowers, representing 3,000 properties, exited underwater status.