Santa Ana, Calif. -- About 18%--7.62 million--of the nation's homes with a mortgage are underwater, according to a study released today by First American CoreLogic.
The study also found that nearly half of all borrowers in Nevada are currently underwater on their mortgages.
California, Arizona, Florida, Georgia and Michigan together accounted for nearly 60% of all homeowners who owe more on their houses than they are worth.
The California-based organization found that the states with high negative-equity fell in three groups.
The first group is composed of states that experienced a rapid housing-price boom and speculative investments and are now experiencing rapid price depreciation. These states include Nevada, Arizona, California and Florida.
The second group is made up Midwestern states, such as Michigan and Ohio, that have experienced manufacturing-driven economic stagnation and have had distressed housing markets for some time.
A third group is emerging: Southern states that did not necessarily experience a large housing boom, but have higher negative equity rates than the majority of states. These states include Texas, Georgia, Arkansas, and Tennessee.