Number of Tampa Bay homeowners underwater plunges

In an encouraging sign for the general economy, the number of Tampa Bay borrowers who owe more than their homes are worth continues to plunge.

The Tampa Bay Times reported that although still double the national average, just 16 percent of bay area homeowners with mortgages were underwater in the first three months of this year compared with 23 percent in 2015’s first quarter.

CoreLogic, a research firm, said nationally, 8 percent of borrowers owed more than their homes were worth in the first quarter of this year, compared with 14 percent last year. Nevada had the highest percentage of homes in negative equity, 16 percent, closely followed by Florida at 15 percent.

Republished with permission of the Associated Press.