Dear Lender, take my house keys

A new survey from First American CoreLogic, a real estate data company, has concluded that nearly a quarter of all homes with mortgages are worth less than what is owed on the loans.

According to the data, which was first reported in the New York Times, nearly 10 million homeowners are either at negative equity or zero equity. The four states with the highest number of homes that are underwater: California, Florida, Nevada and Arizona.

None of this would come as a surprise to some acquaintances of mine, who like millions of Americans find themselves in a leaking boat in the middle of a lake without a paddle.

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