TAMPA, FL -- Almost half of the residential properties with a mortgage in the Tampa Bay area are in negative equity, new research shows.
According to First American CoreLogic, 46 percent of homeowners in Tampa-St. Petersburg-Clearwater owe more on their house than it is worth.
That figure is double the national average of 23 percent.
Florida has 45 percent overall negative equity. The state had the third-highest figure in the nation, trailing only Nevada (65 percent) and Arizona (48 percent).
The Tampa Bay area received some postive news about real estate earlier this week. October home sales for this year were the highest they had been for any October since 2005.
"Prices are very affordable right now, and they probably haven't been this affordable since 2001 or 2002," said Vince Arcuri from Exit Realty. "Right now, there is a very nice selection of inventory available and people can buy a house, be very selective and get exactly what they want."
