Fort Myers, Fla - The number of homes underwater across the country is slightly down, according to a new survey. The new findings coming on the eve of the Lee County Property Appraiser's Office releasing its reports on the value of homes and businesses this year.
California based company CoreLogic finding 11.2 millions U.S. homes are underwater. The number is down 100,000 homes from this time last year. More than quarter of homes are at or below the value of their mortgages totaling $656 billion in negative equity.
"We have seen some evidence, some areas are starting to come back", said Lee property appraiser Ken Wilkinson.
Cape Coral and Lehigh Acres are expected to see a slight rebound this year with homeowners in South Fort Myers watching as the value of houses continue to drop.
CoreLogic says homeowners in some of the hardest hit areas across the country should start making back some of their money in 5 to 7 years.
The county, however, says problems with the commercial real estate market could hamper a full recovery.