Home price corrections exposed a growing pocket of equity risk concentrated among purchase mortgages originated in 2022, Black Knight said in its latest mortgage monitor report. Of all homes purchased with a mortgage in 2022, 8% are now at least marginally underwater.
Of the 450,000 underwater borrowers at the end of the third quarter, nearly 60% of the mortgages originated in the first nine months of 2022, according to Black Knight. All in, 5% of purchase mortgages originated so far this year are now marginally underwater, with another 20% in low equity positions.
Risk among earlier purchases is details ⇒
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