In the first couple of pandemic years, buyers swarmed the housing market to seize record-low mortgage rates with little regard to home prices. Many of them are now realizing that they may have bought a pig in a poke.
According to a recent report from Point2 Homes, many recently bought homes, particularly in the hottest regions, are deep in the red. On average, single-family homeowners have been shedding $223 in property value every day since they bought their homes last year.