The real estate term “underwater” is here to stay. Look it up. You can do so because the term commonly used now in the housing industry has made it to the big time – Merriam-Webster, which recently included it in its dictionary passages.
According to the 2012 update, underwater in the real estate sense is defined as “having, relating to, or being a mortgage loan for which more is owed than the property securing the loan is worth.” And while it’s unfortunate that such a definition had to come about, there was semi-good news recently when national outlets reported that underwater mortgages had dipped slightly from the end of 2011 to midway through 2012. Perhaps a new definition for “treading water” will be next.
Other commonly used words associated with housing, technology and the economy added to the dictionary include: