According to The SF Chronicle and Zillow.com, around 20% of California Bay Area homeowners have no equity in their homes:
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2008/11/11/MNN0142MCG.DTL&
Zillow's estimated prices are not 100% accurate (that's the nature of an estimate), but it's very hard to price houses in this market; therefore, Zillow might be the closest thing we have to getting what I call the "misery numbers."
Hat tip to Barry Ritholtz for linking to the SF Chronicle article first.
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