From a review of the excellent CoreLogic Quarterly Negative Equity Reports, the State of California has made a monstrous improvement in the percentage of its Residential Homes with Mortgages which have Negative Equity.....or are Underwater.
CoreLogic reported that in December 2010, 31.8% of California Homes with
Mortgages were Underwater. On the very positive side, this 31.8% dropped
precipitously to 9.3% in the most recently reported September 2014.
CoreLogic also tracks the Percentage of Homes with Negative Equity in the 25 largest Metropolitan Areas of the US. Included in these 25 is the Oakland-Hayward-Berkeley, California Metropolitan Area, with their Homes with Negative Equity also dropping precipitously from 26.6% in December 2012 to 9.4% in the most recently reported September 2014.