Many Americans own more on their mortgages than their homes are worth. That number seems to be rising fast. Bloomberg writes that "Almost one-third of U.S. homeowners who bought in the last five years now owe more on their mortgages than their properties are worth, according to Zillow.com."

Zillow also says that 15% of all home sales are now a result of foreclosures.

If the numbers are accurate, house prices and the mortgage market debacle are going to get much worse in the current quarter.

Douglas A. McIntyre