28.4% of mortgages underwater.

From: Moe Lane

Note that this article doesn’t quite get the original report right, sort-of kind-of thank goodness; it confuses mortgage holders with homeowners when reporting the percentage of underwater mortgages (mortgages where the holders owe more on a piece of real estate than the real estate is actually worth). In other words, 28.4% of homeowners with mortgages have underwater ones, not 28.4% of all homes.