43% of Tampa Bay mortgages underwater

RealtyTrac reports that 43% of the Tampa Bay area mortgages are seriously underwater...where the balance on the mortgage exceeds current market value by at least +25%. This is down slightly from a year ago when it stood at +46%. This level of underwater mortgages ties Tampa Bay with Orlando ranked at the 3rd worst market in America for underwater mortgages. People are reluctant to list homes when the mortgage exceeds its resale value. This is hampering sales as people hold their homes off the market. It is estimated it will take about 3 years for underwater mortgages to recover.