US Housing Market To Stay Depressed For The Next Few Years

"According to the most recent quarterly survey carried by Zillow, the percentage of US homes “Underwater” - whose market value is lower than what is owed on them, rose to 27 percent in the quarter ended January 2011, from 20 percent in August 2010. According to Karl Case (S&P/ Case Shiller), there are around 12 million homes underwater in US. The rising underwater homes could very well drag the economy, if the prices of homes keep going lower."