A chart by Alex Tabarrok who also says:
Calculated Risk gathers the data on underwater homes:
- There are 14.75 million underwater homes and 4.1 million of these have more than 50% negative equity (the homeowners owe 50%+ more than their homes are worth).
- The total negative equity is $771 billion.
What this graph doesn't show is that there are great variations in the rates of negative equity around the country, as shown in this chart: