Americans who took out mortgages during the sizzling housing market earlier this year are not seeing a good return on their investments.

A report by real estate data analytics firm Black Knight showed of the 450,000 mortgaged homes in the U.S. underwater in the third quarter, nearly 60%, or roughly 270,000, originated in the first nine months of 2022.

Also, nearly 40% have less than 10% equity stakes in their home, mostly among government-backed Federal Housing Authority and Veterans Administration loans, which are popular among first-time and low-income buyers.

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