Georgia has the fifth highest level of owners with negative equity (`under water`) in the nation. Behind only Nevada, Arizona, Florida, and California.

Georgia has about 35% of its mortgagees with little or no value in their homes. Nevada has, by far, the highest level with roughly 70% of its homes in that shape.

Nationally, about 28% of mortgagees are effectively `renters.`

With many analysts expecting home values to fall, it is likely that those percentages will begin climbing again. A further drop of 10-15% could take place over the next year.

That could easily push the percentage of mortgagees with no value in their property near 40%.