Here’s a little article showing certain metro areas that have a very large problem with housing being underwater.

No NJ area is in the top 10, yet.

Most are in California…and Stockton, Vallejo, Merced, and Modesto have, I believe, something in common: lots of illegal aliens. Well, they used to. The unemployment in these areas is huge. And for example, Stockton’s largest industry is construction, followed by agriculture.