51 million U.S. households have mortgages. By the end of this year, 11% of them (5.6 million) will have no or negative equity. By the end of next year, if housing prices decline another 10%, the number of mortgages with no or negative equity could exceed 20% (10.7 million).
A basic underpinning of the middle class way of life may crumble before our eyes in coming months.
Source for numbers: Calculated Risk