Deutsche bank just put out a very depressing report.
Over 25% of mortgages are under water (the house is worth less than the outstanding amount of the loan).
That’s an incredible statistic. One out of every four loans. They expect this to rise to 48% in the 1st quarter of 2011. (To be fair, keep in mind that anyone who has fully paid off their house is not part of that statistic because they don’t have a mortgage.