As U.S. home prices fall, an alarming number of buyers are underwater
CBSN
Surging mortgage rates aren't just raising the cost of purchasing a new home. An alarming number of recent homebuyers have discovered they already owe more on their property than it's worth, according to a new analysis.
Some 250,000 people who took out a mortgage this year to buy a home are now underwater, meaning they owe more on their loan than the home is worth, Black Knight, a mortgage software provider, found. Another million have less than 10% equity.
Those unlucky homebuyers got caught in the crunch between historically high housing prices and rapidly rising mortgage rates, which in recent months have caused real estate values to slide.
The White House has rejected an offer from billionaire Elon Musk to fund pay TSA workers during a partial government shutdown that has disrupted airport travelers across the country, several sources told CBS News. Kristin Brown and Kathryn Krupnik contributed to this report. In:
Washington — The Justice Department has reached a settlement with former Trump national security official and right-wing activist Michael Flynn after he sued the department, alleging that he was wrongly prosecuted during the first Trump administration. In:
The Trump administration will temporarily lift summer gasoline regulations as prices at the pump near $4 a gallon amid the Iran war. Edited by Aimee Picchi In:
Some of America's wealthiest couples are collecting $100,000 in Social Security benefits — a six-figure payout that a new proposal says should be capped to help the retirement program avoid insolvency in 2032. Edited by Alain Sherter In:
El Paso and Los Angeles were among the most polluted areas in the United States last year, according to a new air quality report that evaluated pollution levels around the world in 2025. In:
Washington — For the first time in history, a robot, not a person, escorted the first lady of the United States Wednesday at the White House.
A jury on Wednesday found that Meta and YouTube are liable for creating products that led to harmful and addictive behavior by young users, a landmark decision that could set a legal precedent for similar allegations brought against social media companies. Edited by Alain Sherter and Aimee Picchi In:
"Today" show co-host Savannah Guthrie said her family is in agony as she made a tearful plea for someone "to do the right thing" nearly two months after her mother Nancy Guthrie disappeared from her Arizona home. In:
Washington — The Supreme Court on Wednesday ruled that internet service provider Cox Communications cannot be held liable for copyright infringement by its subscribers in a closely watched dispute over pirated music.
Joey Amor says his wife, Army Sgt. 1st Class Nicole Amor, was "the rock" and "the glue" for those around her — a role he says defined her life and service before she was killed earlier this month during the war with Iran. In:
An internal watchdog report in the Department of Homeland Security identified serious vulnerabilities in TSA's screenings at airports nationwide — and the agency has yet to respond five months later, according to internal communications provided to House Homeland Security Committee staff and reviewed by CBS News.
Two orphaned bear cubs are settling in at a California animal welfare center after their mother was euthanized for attacking people, the San Diego Humane Society said Tuesday. In:
Travelers at a Houston airport voiced shock and disbelief over seemingly endless TSA security lines caused by a severe staffing shortage. In: