Data from June 2009 shows that more than 24% of homeowners owe more then what their home is worth. Data Analysts are back forth about how home values have bottomed and leveled off and now are on the rise again. I say which is it, like I said it changes every day! Deutsche Bank claims that by 2011, 48% of homeowners will be underwater, meaning homeowners will owe more on their real estate then what it is currently estimated value. However, job losses could delay the bounceback, economists say.