10 Cities With The Most 'Underwater' Mortgages
Most homeowners have comfortable mortgage equity cushions, but some recent buyers in certain areas of the U.S. face "underwater" mortgages, where their homes are worth less than their mortgage balances.
According to recent data, home equity has climbed nearly 80% since early 2020, with American homeowners sharing $35 trillion in housing wealth. However, this wealth is not evenly distributed across the country.
Florida and Texas are identified as hotspots for "underwater" mortgages, where buyers who purchased homes in recent years owe more on their mortgage than their home is worth, 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 $35 trillion in housing wealth, but the distribution is uneven, leaving some homeowners with significant equity while others struggle with negative equity.
Author's summary: Homeowners in certain US cities face underwater mortgages.
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