Recovery? What recovery?

The Following from "Calculated Risk" - please follow link for "the rest of the story"
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From Zillow: Negative equity reached a new high with 28.4 percent of all single-family homes with mortgages underwater

Negative equity reached a new high mark with 28.4 percent of single-family homeowners with mortgages underwater at the end of the first quarter, up from 27 percent in the fourth quarter of 2010. A homeowner is in negative equity when they owe more on their mortgage than their home is worth.
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With substantial home value declines, as well as increasing negative equity and foreclosures, Zillow forecasts show it is unlikely that home values will reach a bottom in 2011. First quarter data has prompted Zillow to revise its forecast, now predicting a bottom in 2012, at the earliest. .....................