For those who follow such things, CoreLogic (whose home price index housing market observers follow) has released its report on negative equity by state for the fourth quarter of 2010.
The data is discussed a bit here on Calculated Risk, which was just selected by Time as the 4th most important economics blog in the country.
Here’s the graph of the data from Calculated Risk:
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As you can see, about 30% of residential mortgages in Georgia are underwater right now, with another 5% or so close to negative equity.