According to the Herald-Tribune, homeowners in Southwest Florida are still in the process of recovering, with nearly 109,000 residential homeowners underwater.

That means that more than one-third of the region's homeowners owe at least 25 percent more on their mortgages than their properties are worth, research firm RealtyTrac Inc. said Wednesday.

Another 38,600 homeowners in Sarasota, Manatee and Charlotte counties are in what RealtyTrac calls "resurfacing" mode, meaning they have between 10 percent positive and 10 percent negative equity. Those are on track to have enough equity to sell their homes, without resorting to a short sale, in the next 15 months, the firm said.