Zillow estimates that approximatley 23.2% of U.S. mortgages are underwater.  Las Vegas continue to top the list with an estimated 80.2% of Las Vegas homes with mortgages underwater.

Core Logic's Second Quarter 2010 Negative Equity Report indicates:

Negative equity remains concentrated in five states: Nevada, which had the highest percentage negative equity with 68 percent of all of its mortgaged properties underwater, followed by Arizona (50 percent), Florida (46 percent), Michigan (38 percent) and California (33 percent).

Business Insider reports the 20 Cities with the Most Underwater Homes:

Negative equity is the prime factor driving a record number of mortgage holders into delinquency. Delinquencies will lead to foreclosures, which will drive down home prices, creating more negative equity -- a very dangerous cycle.

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