Americans, whose wealth is largely tied up in their homes, face the looming threat of a housing market crisis as home prices teeter on the edge.

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Consider a homeowner who purchased a house for $300,000 with a mortgage of $250,000. If the housing market experiences a downturn and the home’s value drops to $200,000, the homeowner would be left with negative equity of $50,000. This could make it challenging to sell the home or refinance the mortgage.