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Most Underwater Mortgages in the US - Baton Rouge 1st, Nola 2nd WTF?
Posted on 5/9/24 at 9:51 am
Posted on 5/9/24 at 9:51 am
Among metro areas with a population of at least 500,000, Baton Rouge, La. had the largest share of seriously underwater mortgages in the first quarter, with 13.4%. Neighboring New Orleans came in second with 7.3%, followed by Jackson, Miss., and Little Rock, Ark., with 6.5% and 6%, respectively. Syracuse, NY came in fifth, with 5.6% of homes seriously underwater.
Holy shite! Q1 2024 Most Underwater Mortgages Per Metro 500k Pop
Holy shite! Q1 2024 Most Underwater Mortgages Per Metro 500k Pop
This post was edited on 5/9/24 at 9:53 am
9
Posted on 5/9/24 at 9:52 am to Tomatocantender
Wish it was broken down by cost paid for home
Posted on 5/9/24 at 9:53 am to Tomatocantender
Declining markets.
Underwater means the balance on the mortgage is more than the value of the house.
Underwater means the balance on the mortgage is more than the value of the house.
Posted on 5/9/24 at 9:53 am to Tomatocantender
Those truck nut payments come before the house baw
Posted on 5/9/24 at 9:54 am to Tomatocantender
I don't see how this is shocking to people.
Posted on 5/9/24 at 9:54 am to Tomatocantender
May simply mean those are the areas with the latest sales.
A mortgage is going to be underwater in the early part of the mortgage far more than at the middle or end.
A mortgage is going to be underwater in the early part of the mortgage far more than at the middle or end.
Posted on 5/9/24 at 9:56 am to Tomatocantender
I mean ppl have been buying 1500 square foot homes for 400k
Posted on 5/9/24 at 9:58 am to teke184
quote:
A mortgage is going to be underwater in the early part of the mortgage far more than at the middle or end.
You are probably right, but I always assumed that even if someone has to pay PMI because they only put 3.5% down, the PMI payments would add a theoretical 20% or more to the home for "underwater" purposes...kind of like Gap insurance on a car.
Posted on 5/9/24 at 9:58 am to Tomatocantender
Makes sense bc Nola is below sea level and the pumps are old
Posted on 5/9/24 at 9:58 am to Tomatocantender
Maybe they mean like literally ‘under the water’, below sea level ….. 
Dammit got beat to it by a few seconds…
.
.
Dammit got beat to it by a few seconds…
.
.
This post was edited on 5/9/24 at 9:59 am
Posted on 5/9/24 at 9:59 am to Tomatocantender
Well, $0 down home sales like Horton and DSLD tend to use the rural development grants to get qualified buyers.
Those buyers are clearly underwater at the moment of sale and likely for a few years afterward depending on what gets rolled into the mortgage.
Those buyers are clearly underwater at the moment of sale and likely for a few years afterward depending on what gets rolled into the mortgage.
Posted on 5/9/24 at 10:01 am to Limitlesstigers
quote:
I don't see how this is shocking to people.
What's shocking to me is two metro cities less than 75 miles from each other take the 1st and 2nd spot in the entire US, beating out shithole places like Detroit, Oakland etc.
Posted on 5/9/24 at 10:01 am to teke184
quote:
ell, $0 down home sales like Horton and DSLD tend to use the rural development grants to get qualified buyers.
Those buyers are clearly underwater at the moment of sale and likely for a few years afterward depending on what gets rolled into the mortgage.
Excellent point!
Posted on 5/9/24 at 10:02 am to Tomatocantender
Property in Detroit is so cheap, at least for the actual real estate, that you won’t be underwater for that.
County and city property taxes? That’s different.
County and city property taxes? That’s different.
Posted on 5/9/24 at 10:02 am to biglego
quote:
Makes sense bc Nola is below sea level and the pumps are old
Posted on 5/9/24 at 10:05 am to teke184
quote:
like Horton and DSLD
Let's not leave off Alvarez. They are the local DSLD builders who will throw up cheap houses/developments anywhere they can.
Posted on 5/9/24 at 10:08 am to Crusty
I’m familiar with the first two because they are in my area. Have not seen the third.
Posted on 5/9/24 at 10:09 am to Tomatocantender
Literally and figuratively as well
Posted on 5/9/24 at 10:10 am to Tomatocantender
quote:
What's shocking to me is two metro cities less than 75 miles from each other take the 1st and 2nd spot in the entire US, beating out shithole places like Detroit, Oakland etc.
Metro Detroit pretty prosperous compared to South Louisiana. Have you ever been to Auburn Hills, Ann Arbor, Bloomfield Hills, or Birmingham? Lots of automotive R&D, Finance, and Tech.
Oakland is across the Bay from Silicon Valley, the wealthiest metropolitan area in the country.
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