Americans Trapped In Bad Mortgages
This is bad news.
A large number of new homeowners are now learning that they owe more in mortgage than the actual worth of their homes!
Something this crazy is only possible in Biden’s America.
According to Fox, more than 250,000 Americans who took out new mortgages on their homes are technically “underwater” which means they owe more than the actual value of the home. What’s even worse is that around 1 million people have less than 10% equity.
This is happening because mortgage rates have been the highest they have ever been in decades. This along with higher than average home prices thanks to President Biden’s inflation is leaving Americans trapped in homes that they are paying more than they have to for.
Black Knight data and analyst president Ben Graboske explained, “Though the home price correction has slowed, it has still exposed a meaningful pocket of equity risk. Make no mistake: negative equity rates continue to run far below historical averages, but a clear bifurcation of risk has emerged between mortgaged homes purchased relatively recently versus those bought early in or before the pandemic.”
Americans should think twice and look through all of the number thoroughly before they purchase a new home.
