Published: Mar 08, 2011 8:52 PM EST
Updated: Mar 08, 2011 5:57 PM EST

Are you feeling a bit under water on your home loan?   Well, the financial group Core Logic says you have lots of company here.   In fact, 51.1% of owners in Ft. Myers-Cape Coral, have negative home equity -- meaning they owe more on their home loans, than their places are worth.

"It's a really bad feeling, it hurts," said Mona Simon, who bought a house in Lee Co. for 219-thousand dollars, about 5 years ago.   "Now my place is worth -- oh, 80-thousand?    But the mortgage payment is through the roof!   We have to cut corners on food and things to make the mortgage!"

Core Logic says the numbers actually are improving here.   The under water figure was 52 percent last spring.    Realtor Brett Ellis says the numbers are getting better, because the courts are disposing of foreclosed homes.  "We are wiping out those foreclosures and putting new people in the homes, people who are perhaps more credit-worthy and more able to make the payments.   So the under water cases are being wiped out by foreclosure actions and short sales.   Many of the short sales are paid in cash, so those owners do not even have mortgages."

Ellis says it's another sign that this area is working through the housing crisis and likely will come out of the collapse, sooner than many other parts of   the country.