10 Cities With The Most 'Underwater' Mortgages
Florida and Texas are hotspots for homeowners with "underwater"! mortgages, where the home's value is less than the mortgage balance.
Most homeowners have a comfortable mortgage equity cushion, boosting their net worth and allowing access to low-cost borrowing. However, recent buyers in certain areas face the opposite experience, with their homes being "underwater," also known as negative equity.
Home equity has climbed nearly 80% since early 2020 — up from $19.5 trillion — thanks to a turbocharged rise in house prices.
This translates to American homeowners sharing $35 trillion in housing wealth, although this amount is not spread evenly across the country.
Author's summary: Homeowners in certain US cities face negative equity.
- Florida
- Texas
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