- 11.3 million Americans owe more the their house is worth
- 10% of people with mortgages owe 25% more than their home is worth
- 2.3 million mortgages had less than 5% equity in their home
- 70% of Nevada mortgages were underwater
- 1/3 of California mortgages are underwater
Bottom Line: housing will not recover until underwater mortgages are dealt with. Someone needs to take a haircut.
