Marketwatch.com reports that nearly one-fourth of all Americans with a mortgage owe more on the mortgage than the property is worth.
Most of these "under water" properties are concentrated in California, Florida, Nevada, Arizona, Michigan and Georgia.
This problem will be resolved only when these properties are foreclosed upon or the mortgages are released through short sales. Either way, lenders will face serious losses.
Any government attempt to delay or hinder foreclosures will only delay the resolution.