Mark Zandi and Robert Shiller have released a report detailing the state of the troubled housing sector, and it isn't pretty. Here are the highlights:
There is almost $2.4 trillion mortgage debt for homes in negative equity, 19% of all U.S. households
The total negative equity is $771 billion, $234 Billion in just California
There are 4.1 million homeowners with more than 50% negative equity (they owe 50%+ more than their homes are worth), 672,000 in just California
Update: The raw excel (xls) files are attached to this post.