“As US home prices decline, number of buyers with underwater mortgages swells”
December 14, 2022
“An alarming number of new homeowners are discovering they owe more on their mortgage than their home is worth as surging interest rates send housing prices spiraling down.
About 250,000 Americans who took out a mortgage this year to buy a home are now underwater, meaning the home is worth less than the loan they took out on it, according to new data from Black Knight. Another 1 million have less than 10% equity.
That’s because the highest mortgage rates in decades, combined with already steep home prices, have made it one of the worst times in a generation for consumers to buy a new house…”
https://finance.yahoo.com/news/us-home-prices-decline-number-173724331.html
This is not a good time to buy a house. It better to wait for a while if you can.