28 of underwater borrowers are more than 50 underwater

"We know that being underwater is one of the biggest factors in people deciding to walk away from their mortgages. It stands to reason then that the more underwater a borrower is, the more likely they are to walk away. Certainly it will be many, many years before these borrowers see positive equity again. We also know that should any of these borrowers need to leave, at best they are looking at a short sale."