According to a report from RealtyTrac, Florida is tied with Illinois for the highest number of homes that are underwater (financially) for the first quarter of 2014. A home is considered underwater when the combined loan amount secured by a property is at least 25 percent higher than the market value of the property. Florida has a staggering 24 percent of all homes defined by this classification. The good news is that the percentage of underwater homes has decreased 8 percent over the last 12 months.
