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ORLANDO, Florida (AP) - Florida had the second-highest rate of homes seriously underwater in the first quarter of the year.

A new report released by RealtyTrac says that 31 percent of homes in Florida were seriously underwater. That means the combined loans amount secured by the property is at least 25 percent higher than the property's estimated market value.

Only Nevada had a higher rate.

Two Florida metro areas, Lakeland and the Space Coast, were among the urban areas with the highest rate of homes seriously underwater. Around 36 percent of homes in Lakeland and 35 percent of homes in the Space Coast were seriously underwater.

Only Las Vegas had a higher rate.

Nationwide, 9.1 million homes, or 17 percent of all residential properties, were underwater in the first quarter.

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