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Here are four states with the greatest number of houses withmortgage balancesof one million dollars.
How will this affect their housing market?
The state has 26 cities on Experians list, most of which are territories of the ultra-luxury properties market.
Given that home prices keep rising, more consumers are being pushed to takejumbo loans.
These loans often have strict credit policies and charge high interest rates.
The Hamptons are the main reason why rich forks just keep pushing up the mortgage balances.
Markets like the Hamptons, for instance, remain popular among the wealthy, encouraging mortgage balances.
The price spike can make housing markets unaffordable for middle-class families in the most popular regions.
Florida
The emergence of $1 million mortgage balances has also been prevalent among Florida cities.
An increase in million-dollar mortgages reflects a demand for high-end housing and is especially evident in affluent suburbs.
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