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As U.S. home prices fall, an alarming number of buyers are underwater

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Some 250,000 people who took out a mortgage this year to buy a home are now underwater, meaning they owe more on their loan than the home is worth, Black Knight, a mortgage software provider, found. Another million have less than 10% equity.

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.

https://www.cbsnews.com/news/home-prices-underwater-mortgage/?ftag=CNM-00-10aab7e&linkId=193078639

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