by Calculated Risk on 6/07/2011 08:38:00 AM

From Robbie Whelan at the WSJ: Second-Mortgage Misery

[A] report to be released Tuesday by real-estate data firm CoreLogic Inc. ... says 38% of borrowers who took cash out of their residences using home-equity loans are underwater ... By contrast, 18% of borrowers who don't have these loans were underwater.
...
Overall ... 10.9 million Americans who borrowed to buy their homes, or 22.7% of all homeowners with a mortgage nationwide, were underwater in the first quarter ...

This is a slight decrease from the 11.1 million, or 23.1 percent of homeowners with a mortgage who were underwater at the end of Q4 2010. The WSJ article notes the decline was probably due to completed foreclosures.

I'll have more when the CoreLogic report is available online.