Location matters. Seriously underwater mortgages are most common in the Midwest and South where underwater mortgages exceed 40-80% in some zip codes, per ATTOM.
after years of rising house prices, in some pockets of the country an increasing share of mortgage holders are underwater on their loans.That means these folks owe more on the mortgage than their home is worth, which puts them in a horrendous financial situation if they need to sell their house.That's because in these areas home values have fallen from their peak during the pandemic housing boom.
And people who bought at the top are seeing their home value dip below what they paid for the house.Louisiana has highest share of underwater mortgages , up about a percentage point from a year ago. Home values dropped 6% from their summer 2022 peak, per In Wyoming, No. 2 on the list, the share grew from 3.3% to 8.8%, and home values are down roughly 12% since June 2023.
Unemployment was high in that recession and many people who couldn't pay back their loans by selling their house were forced intoDon't panic. "It could be a temporary increase and not necessarily a major concern," National Association of Realtors chief economist Lawrence Yun tells us.What's next: "This year's spring buying season will be of heightened importance in telling us if there is a new long-term market pattern developing," according to Attom CEO Rob Barber.Share on linkedin
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