‘Seriously underwater’ mortgages rise across US

The proportion of "seriously underwater" mortgages in the U.S., where the loan is at least 25% more than the home's value, has slightly increased from 2.6% to 2.7% in the first quarter, though it remains below pre-pandemic levels. Louisiana has the highest rate with about 11.3% of mortgages falling into this category, and Baton Rouge leads major metros with 13.4% of homes seriously underwater. Meanwhile, the percentage of "equity-rich" homes decreased slightly, indicating a potential shift in home prices.