IBD: 77% of homes bought a year ago are underwater in Stockton, CA

In Stockton, Calif., a "staggering" 77% of homes bought a year ago are "underwater" with negative equity, says Stan Humphries, vice president of data and analytics at real estate Web site Zillow.com. The percentage is nearly 60% in Las Vegas, above 40% in Miami and nearly 40% in Los Angeles.

~ IBD, "As Home Values Undercut Loans, More People Simply Walk Away," March 7, by Donna Howell