MESA, Arizona — Mortgage rates are dipping, but at 7%, the housing market is not close to bouncing back.
Couples divorcing during a peak in rates are finding it hard to go their separate ways.
Michael and Danielle Tantone decided to divorce in August, but remained living in the same house for several months after.
"Two months went by and... we still shared a bed and still you know ate dinner together, ran our lives together, even though we were kind of just side by side and not quite the same, but not quite separate either," Danielle Tantone told 12News.
VERSIÓN EN ESPAÑOL: Una pareja que se está divorciando no puede vender su propiedad y ahora tienen que permanecer bajo el mismo techo
Although the couple said they felt separating was best for their relationship, the timing wasn't financially ideal.
"We've been bleeding for over a year and that's one of the things that caused stress in our marriage," Danielle Tantone said.
The Tantones bought their Mesa home for $582,000 in 2022.
As of today, it's worth less than what they owe.
"The payment is really pretty high even for us both together but impossible for either one of us on our own," Danielle Tantone said. "We have to do a short sale. We have to hope that the bank will take less than what we owe and we haven't even gotten that offer yet."
The Tantones said renting was also out of the question in the first few months.
"Once we started looking, we realized that neither one of us could afford the house on our own and still have a rental payment," Michael Tantone said. "Even renting would be difficult."
For better or worse, the couple was forced to keep living together after breaking up.
"It wasn't so much a decision as just like we couldn't find a way to move out," Danielle Tantone said. "You have to weigh, well maybe I should just stay married, and then I'm like well is that a reason to stay married to somebody."
After two months of living together but apart, Danielle Tantone was able to move into a rental property and Michael Tantone remained in the house.
"I have felt a remarkable lessening of stress," Danielle Tantone said about moving out.
However, the problem persists of finding a buyer to take their home off their hands.
"Buyers just left the market, home prices continued to fall, they somewhat recovered, but the interest rates are so high now still that people that would want to buy this house can't afford to buy the house."
The Tantones told 12News the reason they were able to remain living together is because they remained amicable. Their advice to other couples in similar situations is to try to do the same.
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