Well, it is a sad statement....but very much true. The bad is getting better, but it is still not that good, at least from the "historical perspective". There has been a steady decrease in the percentage of homeowners that are underwater for the last 13 quarters in a row. Q2-2015 is no exception, 14.4% of homeowners nationwide owe more than their home is worth. The average for condo owners is not as good with 1 in 5 (20%) are still upside down. Here is four years of negative equity "healing" from Zillow
With all good news, comes some bad.... almost one third (31.4 percent) of homeowners with a mortgage are in a “effective negative equity" position, or as many could call "slightly underwater" which means they could not sell their home, pay closing costs and afford a down payment on an equivalent or more expensive home.