More than 20% Are Underwater

An industry report shows that more than 20% of American homeowners owe more on their mortgage than they are able to sell it for.

The majority of this underwater status was found in California and Las Vegas, where the housing market was sky rocketing only a few years ago. According to the report; in Las Vegas 67.2% of homeowners would have to bring cash to the table if they sold their homes. Other markets are Stockton, Calif., where 51.1% of homes are underwater, and Modesto, Calif., where 50.8% of homes are in that position.