As many as 51 percent of Arizona homeowners are underwater, according to new data from CoreLogic.
Nevada has the highest rate of homeowners owing more than their house is worth, at 65 percent. Florida is right behind Arizona, with 47 percent of its homeowners dealing with negative equity.
The national rate for negative equity is 23 percent.
Arizona's rate has actually dropped as more homeowners have lost houses to foreclosure. That means fewer people owe more on a mortgage than their house is worth.
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