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Morning Mortgage Meltdown: Blowing Bubbles

Gurgle. According to a new Zillow survey, more than 20 percent of Bay Area homeowners are underwater -- meaning their owners owe more on their mortgages than their homes are worth. This rate of negative equity is higher than the national average by more than 5 percent. Zillow estimates its numbers are "definitely conservative," but San Francisco homeowners are faring better than most, locally and nationally: a little more than 7 percent are underwater this side of the bay. This, while prices continue to fall... [SF Gate]