U.S. Cities With The Most Underwater Mortgages

Source: Zillow.com For individual homeowners, being “underwater” on a mortgage – when a home is worth less than outstanding debt, or has “negative equity” – is one of the worst positions to be in, short of foreclosure. Zillow.com, a firm that compiles US real estate and mortgage information, has put together a list of the 156 largest metro areas that includes statistics on median home values, market changes and the proportion of homes with negative equity.Included in the data is the “Zillow Home Values Index,” which represents the median measure of home valuations. According to Zillow’s newest report, the current median US home price is $204,900, down 6.82% year-over-year. More than one in five - 23.3% - of US homes are underwater, which is up slightly from 23% from Q2 2009, according to Zillow. So, which metro areas have the highest proportion of homes underwater? Click ahead for the results. By Paul ToscanoPosted 10 May 2010

Photo: Jon Zander % of Homes with negative equity: 49.1% Homes with negative equity: 127,807 Zillow Home Value Index: $141,700Year-over-year change: -8.45%

Photo: Getty Images % of Homes with negative equity: 51.2% Homes with negative equity: 347,778 Zillow Home Value Index: $188,900Year-over-year change: -8.27%

% of Homes with negative equity: 53.1% Homes with negative equity: 286,303 Zillow Home Value Index: $118,000Year-over-year change: -12.05%

Photo: Getty Images % of Homes with negative equity: 54.7% Homes with negative equity: 41,436 Zillow Home Value Index: $204,400Year-over-year change: -11.94%

Photo: Gabriel Flores Romero % of Homes with negative equity: 54.9% Homes with negative equity: 12,103 Zillow Home Value Index: Year-over-year change:

Photo: Joe Shlabotnik % of Homes with negative equity: 56.2% Homes with negative equity: 54,190 Zillow Home Value Index: $118,100Year-over-year change: -9.69%

Photo: Inman News % of Homes with negative equity: 57.7% Homes with negative equity: 64,614 Zillow Home Value Index: $157,100Year-over-year change: -8.43%

Photo: Panoramic Images | Getty Images % of Homes with negative equity: 58.2% Homes with negative equity: 83,553 Zillow Home Value Index: N/AYear-over-year change: N/A

% of Homes with negative equity: 58.5% Homes with negative equity: 62,423 Zillow Home Value Index: $105,800Year-over-year change: -13.35%

Photo: Ron Johnson % of Homes with negative equity: 58.8% Homes with negative equity: 24,076 Median Home Price: $130,000 Year-over-year change: N/A

Photo: Tom Hilton % of Homes with negative equity: 60.7% Homes with negative equity: 54,417 Zillow Home Value Index: $141,100 Year-over-year change: -8.31%

Photo: Hiroyuki Matsumoto | Getty Images % of Homes with negative equity: 64.4% Homes with negative equity: 45,107 Zillow Home Value Index: $181,600 Year-over-year change: -12.98%

Photo: VisionsofAmerica | Joe Sohm | Getty Images % of Homes with negative equity: 64.6% Homes with negative equity: 479,692 Zillow Home Value Index: $141,100 Year-over-year change: -13.90%

Photo: Glowimages | Getty Images % of Homes with negative equity: 74.8% Homes with negative equity: 289,209 Zillow Home Value Index: $125,800 Year-over-year change: -18.07%

Photo: Gerald Lord | Getty Images % of Homes with negative equity: 80.6% Homes with negative equity: 254,880 Zillow Home Value Index: $131,300 Year-over-year change: -18.16%

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