Underwater Mortgages Rise to 3-Year High Amid Cooling US Housing Market

Data also show the number of highly qualified refinance candidates rose to 1.7 million in late October, the largest since early 2022.
Underwater Mortgages Rise to 3-Year High Amid Cooling US Housing Market
Townhouse for sale in Elkridge, Md., on Sept. 27, 2024. Madalina Vasiliu/The Epoch Times
Tom Ozimek
Tom Ozimek
Reporter
|Updated:
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A new report from the Intercontinental Exchange shows that nearly 875,000 homeowners now owe more on their mortgages than their properties are worth—the highest level in three years—as softening home prices and elevated borrowing costs squeeze household finances.

The surge in negative equity represents 1.6 percent of all mortgage holders and highlights a worsening affordability landscape that officials in the Trump administration say is weighing on the broader economy.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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