15 million homes have negative equity--12 percent are in the top 10 cities

According to Zillow, 15 million homes in the U.S. have negative equity of $1.19 trillion.  The top 10 cities with the most underwater homes account for nearly 1.8 million of the homes with negative equity, or 12 percent.

The top 10 cities with the most underwater homes are:

1. Las Vegas, NV, 71 percent of mortgages are underwater (236,817)
2. Reno, NV, 61.7 percent underwater (46,115)
3. Bakersfield, CA, 60.5 percent  underwater (70,947)
4. Modesto, CA, 60.3 percent underwater (46,598)
5. Stockton, CA, 60.3 percent underwater (60,349)
6. Vallejo, CA, 60.3 percent underwater (44,526)
7. Visalia, CA, 57.7 percent underwater (44,526)
8. Phoenix, AZ, 55.5 percent underwater (430,527)
9. Atlanta, GA, 55.5 percent underwater (581,831)
10. Orlando, FL, 53.9 percent underwater (205,369)

Read the full report at 247WallSt.com by clicking here.  Read Zillow's report at Zillow.com by clicking here.