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  • Writer's pictureYahoo Entertainment

270,000 homebuyers who bought in 2022 are underwater on their mortgage

Updated: May 18

About 270,000 homebuyers who bought during the red-hot housing market this year already owe more than their house is worth, a new analysis found.

Among the 450,000 underwater borrowers in the third quarter, nearly 60% had mortgages originated in the first nine months of 2022, Black Knight found. That's about 1 in 12 homes purchased in 2022 with a mortgage, or 8%. Nearly 40% of homes bought this year have less than 10% of equity left to tap.

The figures reflect yet another fallout from rapidly rising mortgage rates this year, which have put pressure on housing values as home price growth cools at a record pace month over month.


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