Florida: Second Highest Rate of Underwater Properties

ORLANDO, Fla. (AP) — A new report says Florida has the nation’s second-highest rates of residential properties that were deeply underwater last month.

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.

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

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

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

Source: Associated Press

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James Bro says:

Obama and the democrats have successfully made over 6 million Americans fall below the poverty level, added a record 11,000 people per day to SNAP to grow food stamp dependence by 50%, increased black unemployment to 13% and hispanic unemployment to 9%, caused the average family income to drop $4,000, killed the 40 hour work week and now have a record 11 million people on disability payments.

Democrats win by destroying the middle class and creating more misery and dependence on wasteful and inefficient government programs. Way to go Obama!