10 Cities With The Most 'Underwater' Mortgages
Florida and Texas are hotspots for homeowners with "underwater" mortgages, meaning they owe more on their mortgage than their home is worth, also known as negative equity.
Most homeowners have comfortable mortgage equity cushions, boosting their net worth and allowing access to low-cost borrowing. However, recent buyers in certain areas face the opposite experience.
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 some US cities face negative equity.