One-third of homes owe more than the current value around the Seattle area.

Zillow claims that 1/3 of all homes in King, Snohomish and Pierce counties owe more than their house is worth. They state prices are back to summer 2004 prices. I think owners who have taken equity loans could be in serious trouble. Lesson learned; never use your home as a bank to borrow against it. Those who are "under water" pose a serious risk on the entire economy. Click here to see the entire article.