The term "underwater" refers to sellers who owe more on their mortgage than the market value of their home.
And then there are homes that are literally under water, as reported in The Doings.
When a real estate agent showed up with a client to tour a 30,000 square foot mansion known locally as Villa Taj, he discovered that a broken pipe had flooded the home with millions of gallons of water, badly damaging the home.
To add insult to injury, the homeowner is likely to receive a sizable water bill.
Hat tip to Chicago Curbed.