A Town Drowns in Debt as Home Values Plunge - NYTimes.com: "Because of plunging home values, almost 90 percent of homeowners here owe more on their mortgages than their houses are worth, according to figures released Monday. That is the highest percentage in the country. The average homeowner in Mountain House is “underwater,” as it is known, by $122,000."
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Submitted for your consideration: Mountain House, California, where 90% of the population is upside down on the mortgage. Fred Pilot found this one.
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