A growing number of U.S. homeowners owe more than their properties are worth after prices extended their two-year decline in the first
quarter, Zillow.com said.Almost 21.8 percent of all owners were underwater as of March 31, the Seattle-based real estate data service said in a report today. At the end of the fourth quarter, 17.6 percent of homeowners owed more than their original mortgage, while 14.3 percent had negative equity three months earlier.
By Daniel Taub, May 6, 2009, Bloomberg

Link to article