ORLANDO, Fla. -

The first quarter of the year has been a tough one for Florida homeowners as the state was ranked one of the highest to have homes seriously underwater.

According to a new report by RealtyTrac, Florida was ranked second highest following Nevada.  The report revealed 31-percent homes were seriously underwater.

To be considered serious it's measured by the cost of loans combined to be higher than the property's estimated market value by at least 25%. 

The areas with the highest rate were Lakeland and the Space Coast. The Space Coast had 35% homes seriously underwater and Lakeland had slightly more. 

The RealtyTrac report showed 17% residential homes nationwide were underwater.