Some buyers who purchased at peak are even underwater... creating motivated seller opportunities.2: Rental rates have softened: 2-bedroom apartment rents have fallen 17% since peak ($1,726 to $1,431).

Prices declines eating away at the 50% equity to the point that some of the complexes were under water and had negative equity and were returned to the lenders. 

Five years later the recession comes along and I find it is underwater.

The new builds in New Market/Meridianville/Hazel Green are at high risk for being underwater over the next 3 years. 

you could find yourself underwater pretty quickly and consistently if they are not in pristine condition. 

Just curious; why would your primary residence be underwater that much when you got it a few months ago? 

I'm totally underwater financially. 

Then, when conditions preclude either one of those things from happening their entire model is underwater, with no clue (or inclination, for a lot of them making fat fees) on how to preserve LP equity.

Some are underwater with even higher rates when agents told them to wait till 2025.

I don't really know all the facts but appartently some hundreds of houses had appraisals faked and largely exaggerated and passed on to banks and mortgage lenders who ended up holding worthless or underwater loans.