These California Cities Are Teeming With Underwater Mortgages

Zillow reports that 23% of mortgages are now underwater, meaning 23% of all home mortgages now have negative equity. When this happens, home owners often decide to simply get up and walk away, saying it is not worth continuing to pay for a home that has dropped so much in value. When people stop paying the mortgage, the delinquency in payment leads to foreclosure which is another reason why foreclosure rates are so high across the nation.

So what cities in the US have the highest underwater mortgages rate? Take a look at the following:

Vero Beach, Fla. – 43.4%
Melbourne, Fla. – 43.7%
Sarasota, Fla. – 46.3%
Tucson, Ariz. – 46.3%
Tampa, Fla. – 46.8%
Riverside, Calif. – 48.1%
Jacksonville, Fla. – 48.2%
Bakersfield, Calif. – 48.2%
Merced, Calif. – 49.7%
Vallejo, Calif. – 51.3%
Fort Myers, Fla. – 51.6%
Port St. Lucie, Fla. – 52%
Lakeland, Fla. – 53.7%
Modesto, Calif – 53.9%
El Centro, Calif – 55%
Stockton, Calif. – 57.5%
Orlando – 64.2%
Reno – 64.4%
Phoenix – 68.4%
Las Vegas – 80.2%