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Oil Spill Will Bring More Pain To Troubled Florida Homeowners

On an aggregate basis, 81% of all loans in the state are ‘underwater’, and the average mark-to-market loan-to-value ratio of Florida loans is 138%. ‘Nearly 40% of all Florida borrowers owe more than 150% of the value of their homes, said Slump. Although half of all borrowers in the state are current on their mortgage payments, they owe 120% of their home values. Given the significant negative equity, ‘further economic stress brought on by the Gulf oil spill and declines in the tourism and fishing industries would be likely to further increase default rates,’ said Slump.

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