47 percent of South Florida homeowners underwater on mortgages

The Miami Herald reports:

As home values continue to show declines compared to a year ago, the percentage of South Florida homeowners underwater in their mortgages grew between the first and second quarter of the year, figures from Zillow.com show.

Forty-seven percent of all single-family homeowners with mortgages in Miami-Dade and Broward were in a negative equity position at the end of the second quarter, meaning they owed more on their mortgages than their homes would likely fetch on the market.

Can you say lower homes prices in South Florida?