Got that sinking feeling? 1 in 4 mortgages now underwater

Is America the next Atlantis?

It isn't as absurd as it sounds considering the rate at which new homeowners are finding themselves with property worth less than the mortgage financing it.

According to a newly released report from First American Core Logic, 10.7 million mortgages in the U.S. were underwater as of September. Furthermore, an additional 2.3 million people are teetering on the edge, and are within 5% of being upside down on their loans.

I don't know about you, but it doesn't sound to me like the recession is over for these people . . . far from it!