{
  "meta": {
    "slug": "underwater-mortgages-owing-more-than-the-home-is-worth",
    "name": "Underwater Mortgages (Owing More Than the Home Is Worth)",
    "branded_name": null,
    "description": null,
    "source": "Federal Housing Finance Agency, National Mortgage Database Aggregate Statistics",
    "source_url": "https://www.fhfa.gov/data/nmdb",
    "frequency": "quarterly",
    "units": "percent",
    "fred_series_id": null,
    "fred_edge_series_id": null,
    "bls_series_id": null,
    "series_id": null,
    "measurement_basis": "Share of outstanding first mortgages, by number of loans, whose estimated current loan-to-value ratio is above 100 percent, so the balance owed is more than the home's estimated value (negative equity). FHFA publishes it directly in its Outstanding Residential Mortgage Statistics (All Mortgages, national, PCT_MTMLTV_GT100) as of each quarter's end, rounded to a tenth of a percentage point. The home's current value is FHFA's estimate: its value at origination updated with FHFA's house price index for the area. First mortgages only, not second liens or home equity lines. It covers the mortgages in FHFA's National Mortgage Database, a nationally representative 1-in-20 sample of closed-end first mortgages reported to the credit bureaus; mortgages on investor-owned homes and manufactured homes are not as well represented. If FHFA restates a published quarter, we log the new figure for review and keep the published one.",
    "door": 3,
    "trend": "stable",
    "trend_suppressed": null,
    "series_breaks": [],
    "direction": "higher_is_worse",
    "last_updated": "2026-10-01T10:57:43Z",
    "stale": false,
    "stale_reason": null,
    "data_status": "current",
    "page_url": "https://americandefault.org/indicators/underwater-mortgages-owing-more-than-the-home-is-worth/",
    "attribution": "American Default (americandefault.org) — Free to use with attribution"
  },
  "current": {
    "value": 0.3,
    "date": "2026-06-30"
  },
  "last_verified": null,
  "data": [
    {
      "date": "2013-03-31",
      "value": 11.3
    },
    {
      "date": "2013-06-30",
      "value": 9.7
    },
    {
      "date": "2013-09-30",
      "value": 8.5
    },
    {
      "date": "2013-12-31",
      "value": 7.7
    },
    {
      "date": "2014-03-31",
      "value": 7
    },
    {
      "date": "2014-06-30",
      "value": 5.8
    },
    {
      "date": "2014-09-30",
      "value": 5
    },
    {
      "date": "2014-12-31",
      "value": 4.6
    },
    {
      "date": "2015-03-31",
      "value": 4
    },
    {
      "date": "2015-06-30",
      "value": 3.5
    },
    {
      "date": "2015-09-30",
      "value": 3.1
    },
    {
      "date": "2015-12-31",
      "value": 2.9
    },
    {
      "date": "2016-03-31",
      "value": 2.6
    },
    {
      "date": "2016-06-30",
      "value": 2.2
    },
    {
      "date": "2016-09-30",
      "value": 1.9
    },
    {
      "date": "2016-12-31",
      "value": 1.8
    },
    {
      "date": "2017-03-31",
      "value": 1.7
    },
    {
      "date": "2017-06-30",
      "value": 1.4
    },
    {
      "date": "2017-09-30",
      "value": 1.2
    },
    {
      "date": "2017-12-31",
      "value": 1.1
    },
    {
      "date": "2018-03-31",
      "value": 1
    },
    {
      "date": "2018-06-30",
      "value": 0.9
    },
    {
      "date": "2018-09-30",
      "value": 0.8
    },
    {
      "date": "2018-12-31",
      "value": 0.9
    },
    {
      "date": "2019-03-31",
      "value": 0.7
    },
    {
      "date": "2019-06-30",
      "value": 0.6
    },
    {
      "date": "2019-09-30",
      "value": 0.6
    },
    {
      "date": "2019-12-31",
      "value": 0.6
    },
    {
      "date": "2020-03-31",
      "value": 0.5
    },
    {
      "date": "2020-06-30",
      "value": 0.6
    },
    {
      "date": "2020-09-30",
      "value": 0.5
    },
    {
      "date": "2020-12-31",
      "value": 0.4
    },
    {
      "date": "2021-03-31",
      "value": 0.4
    },
    {
      "date": "2021-06-30",
      "value": 0.2
    },
    {
      "date": "2021-09-30",
      "value": 0.2
    },
    {
      "date": "2021-12-31",
      "value": 0.2
    },
    {
      "date": "2022-03-31",
      "value": 0.2
    },
    {
      "date": "2022-06-30",
      "value": 0.1
    },
    {
      "date": "2022-09-30",
      "value": 0.2
    },
    {
      "date": "2022-12-31",
      "value": 0.4
    },
    {
      "date": "2023-03-31",
      "value": 0.4
    },
    {
      "date": "2023-06-30",
      "value": 0.2
    },
    {
      "date": "2023-09-30",
      "value": 0.2
    },
    {
      "date": "2023-12-31",
      "value": 0.3
    },
    {
      "date": "2024-03-31",
      "value": 0.3
    },
    {
      "date": "2024-06-30",
      "value": 0.2
    },
    {
      "date": "2024-09-30",
      "value": 0.2
    },
    {
      "date": "2024-12-31",
      "value": 0.3
    },
    {
      "date": "2025-03-31",
      "value": 0.3
    },
    {
      "date": "2025-06-30",
      "value": 0.3
    },
    {
      "date": "2025-09-30",
      "value": 0.3
    },
    {
      "date": "2025-12-31",
      "value": 0.3
    },
    {
      "date": "2026-03-31",
      "value": 0.3
    },
    {
      "date": "2026-06-30",
      "value": 0.3
    }
  ]
}