Hundreds of thousands of homeowners who bought properties this year owe more than their homes are worth.
Surging mortgage rates aren't just raising the cost of purchasing a new home. An alarming number of recent homebuyers have discovered they already owe more on their property than it's worth, according to a new analysis.
All told, 8% of mortgages taken out this year are underwater — about one in 12 homes purchased in 2022. In Colorado Springs and Honolulu, more than 30% of mortgaged homes bought this year are underwater. In Virginia Beach, about 22% are worth less than what is owed. The figure is 20% in the California cities of Bakersfield, Riverside, San Diego and Stockton — cities with a large military presence where many people buy homes with government-backed mortgages.
Being underwater becomes a bigger problem when homeowners have trouble paying their debt — a data point that's also rising.
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