Via the Seattle Times: "Twenty percent of all mortgaged U.S. residential properties were underwater at the end of December, with mortgage debt greater than what the homes were worth, according to a report released Wednesday by First American CoreLogic." Being "underwater" essentially means that you owe more to the lender than your home is worth, but the bigger worry here is that another 2.2 million homes nationwide are approaching negative equity, according to the report. It's not clear what type of mortgages these are, but this info would jive with that "Holy crap, so many more foreclosures are coming" "60 Minutes" segment that ran back in December. And via the New York Post, a handy map that breaks down the foreclosures by state (California 29.5 percent). [Seattle Times/NY Post]
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