22% of US mortgages still underwater
Hard to believe this statistic: "Nearly 11 million properties, roughly 22.5% of all U.S. homes, are worth less than the underlying mortgage"
http://www.housingwire.com/2011/09/13/more-than-22-of-mortgages-still-underwater?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29
It has been 3 years since the "sub-prime crisis" and there is no real sign of economic recovery south of the border.
Based on this statisctic, it's going to a few more years before any kind of recovery in the US housing market.