National Journal

There's been a lot of encouraging news about the housing market recently. New home sales are up, foreclosures are down, and a decreasing number of people owe more on their mortgages than their homes are currently worth, according to the Department of Housing and Urban Development. Last month, homeowners' equity reached the highest level since the recession began. 

But the crisis isn't over, according to a recent report from the Haas Institute for a Fair and Inclusive Society at the University of California (Berkeley). About 9.8 million homes are still underwater, the report said (HUD says the number is 6.28 million).

The report's authors analyzed home-equity data from Zillow, an online real-estate database, and demographic data from the Census Bureau to find out how many homes per ZIP code are still underwater and who owns them. They found that neighborhoods in which more than 40 percent of homeowners have negative equity tend to have two things in common: a median household income below the national average and a disproportionate share of African-American and Latino residents.

Top Zip Codes With Housing Underwater

Rollover the circles in the map below to find out more about the hardest-hit ZIP codes. Mouse, scroll, or double click to zoom in. And check out the full report here.

Top Zip Codes With Housing Underwater

Rollover the circles in the map below to find out more about the hardest-hit ZIP codes. Mouse, scroll, or double click to zoom in. And check out the full report here.

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