wow. 69.9% of mortgages in Nevada are under water. wow.

[Liberal_in_LA]

Last week, The Chronicle reported that underwater mortgages are on the decline: that because of increased foreclosures on distressed properties, the number of American homes with mortgages that exceed the properties' value has dropped. But again, foreclosures, rather than rising home prices, accounts for the drop--not then a positive sign.

For a more detailed look at this phenomenon, here is a list of the top 15 states in our union for underwater mortgages.

1. Nevada: 69.9% of all mortgages
2. Arizona: 51.3% of all mortgages
3. Floria: 47.8% of all mortgages The great state of 'Floria'. hee
4. Michigan: 38.5% of all mortgages
5. California: 35.1% of all mortgages
6. Georgia: 27.8% of all mortgages
7. Virginia: 24.3% of all mortgages
8.-13. South Dakota, Maine, West Virginia, Wyoming, Louisiana, and Mississippi: 23.8% of all mortgages
14. Maryland: 22.9% of all mortgages
15. Idaho: 22.7% of all mortgages

Though we've heard the term "bail out" more times than we care to, we might be hard pressed to see what, if any, real help is being offered to drowning homeowners. Cavan Hadley, a homeowner and father of two in Morro Bay, California, put the situation-- sadly-- as follows:

"On the verge of losing my house in Morro Bay. Been working with Bank of America for over a year. But apparently the loan modification program wasn't aimed at people, just press releases."

Read more: http://www.sfgate.com/cgi-bin/blogs/ontheblock/detail?entry_id=71252&tsp=1#ixzz0yDGaIVqe