A new report by Zillow says that 28.4% of all single-family houses in America with mortgages are underwater. No, we’re not talking about flooding in the south, but homes that owe more on their mortgage than they are worth. It’s even worse in places where the bubble was the biggest. In Tampa, FL, 59.8% of homes have negative equity and in Phoenix, AZ, it’s 68.4%. Declines in home values are still happening and Zillow doesn’t see a bottom happening until 2012, at the earliest.