By John Hielscher | 
“In 2009, nearly half of all Sarasota and Manatee county homeowners with mortgages owed more money on their loans than their properties were worth.
Thanks to rising home prices and an improving economy, the percentage of so-called “underwater” homeowners regionwide has dropped significantly.
But the Sarasota-Manatee region still has one of the nation’s highest levels of homeowners with negative equity. In the second quarter of 2013, the area ranked 21st out of the 167 major metro areas as measured by data analyst CoreLogic.
A total of 49,151 residential properties with mortgages in Sarasota-Manatee were in negative equity — also known as being underwater or “upside down” — as of June 30, CoreLogic stated in a new report. That was down from 59,062 properties, or 31.9 percent, three months earlier.
The number of local underwater homes peaked at 99,275, or 49 percent, in the fourth quarter of 2009, the analyst noted.
Locally, another 5,848 residential properties, or 3.2 percent, were in near negative equity in the second quarter. That was down slightly from 6,420 homes, or 3.5 percent, three months ago. “Near negative equity” involves properties with less than 5 percent equity.
The Punta Gorda metropolitan area, which encompasses all of Charlotte County, was not large enough to be included in the CoreLogic report.
Improving equity helps some homeowners stave off foreclosure and stay in their homes, even for the short term, said Drew Peterson, a distressed properties specialist with Re/Max Alliance Group in Sarasota.”