Almost 10 million homeowners are 'underwater' or just above - Oct. 31, 2008: "NEW YORK (CNNMoney.com) -- At least 7.5 million Americans owe more on their mortgages than their homes are currently worth, according to a real estate research firm's report released Friday. In other words: If they sold their homes today, they'd have to bring a check to the closing. Ouch. Another 2.1 million people stand right on the brink, according to the report by First American CoreLogic. Their homes are worth less than 5% more than the mortgages they're paying on them."
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Nevada: 48%. Michigan: 39%. And the list goes on.