U.S. Underwater Mortgages May Reach 30%, Zillow Says (Update1)

Full story as referred to in Pfenning.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a2p_zMYkFQFg

"...Almost one-quarter of U.S. mortgage holders owed more than their homes were worth in the second quarter and that figure may rise to as much as 30 percent by mid-2010 as job losses and foreclosures climb, Zillow.com said.

Homeowners are being hurt by price declines. The estimated median value for single-family houses slid to $186,500 in the period, a 12 percent drop from a year earlier and the 10th consecutive quarterly decrease, the Seattle-based real estate data service said in a report today..."