Number of Properties Underwater is Staggering

The charts above were provided by Mr. Mortgage (http://mrmortgage.ml-implode.com) and illustrates just how many properties are "underwater" (mortgage balance higher than current market value of property). Note: "Near Negative Equity Mortgages" mean that the homeowner has only 5% equity in their house. This effectively means that they are underwater if your consider commissions and closing costs.

If you can't read the charts above, in California there is 1.77MM properties (27.4%) underwater and another 2.05MM "near negative" (31.8%). This translates into a whopping 3.82MM properties or 59.2% of homeowners in California who are currently underwater. Wow! Use these stats in your marketing and when talking to realtors and homeowners.