MONEY Real Estate Housing Market Where Are The Most Underwater Homes? These 13 Cities Lisa Gibbs @lisagibbs954 June 5, 2014 SHARE Brian Jones—Las Vegas News Bureau In Las Vegas, 32% of homes are underwater. Sounds bad, but a year ago the figure was 47%. Homes without enough equity to pay off the mortgage continue to plague the market, especially in the cities hit hard by the bust (basically, anywhere in Florida). The good news: There's way fewer of them than a year ago.