HYDERABAD: Indian tech workers who bought homes in the US amid the post-pandemic boom are now staring at high borrowing costs and mounting losses.Layoffs have made it harder to sell homes, with resale properties competing with new ones offering attractive offers, forcing some owners to consider foreclosure.According to ATTOM’s Aug 2026 US Foreclosure Activity Report, 40,277 foreclosure filings were recorded across the US that month, a 12.83% increase from Aug 2025. Texas recorded 4,961 filings, up 43.46% year-on-year and 8.53% month-on-month.
Foreclosure filings
California, another state with a large concentration of Indian tech professionals, recorded 4,450 filings, an 8.33% increase from Aug 2025.“Their only options are foreclosure or abandoning properties. In the current situation, opting foreclosure means booking a loss, as many bought properties when prices peaked after Covid-19. This has been going on for at least three months and might continue until the 2028 presidential election,” said a 45-year-old Hyderabadi living in Dallas, adding that he had heard of five abandoning their houses recently.
‘2008 recession’
Telugus in US are drawing parallels with the dotcom bubble of 2000 and the 2008 recession.“People are silently leaving the country. While abandoning cars at airports has been standard practice, now, with house prices down by about $1,00,000 to $2,00,000 or even more, many have no option but to leave the country,” said Vishweshwar Reddy Kalavala, president of Global Telangana Association.Mohan Nannapaneni, ex-president of Telugu Association of North America, said techies in Texas, California and Washington DC were among the worst-hit.“People with even 20 years of experience are losing jobs. The problem is that many bought second or third properties to sell them in a few years and make a profit. Now, they are all stuck and unable to sell or continue living in the US,” he said, adding that he knew three cases where people had moved back to India.“Prices are down by 30%. High interest rates mean that many don’t even qualify for home loans now. Reverse migration of H-1B holders has started,” said Satish Reddy, president-elect of American Telugu Association.
