Right now Florida's Space Coast has one of the highest rates in the nation for homes seriously under water.

We're not talking about flooding -- we're talking about homes where the loan out on them is at least 25 percent higher than the home’s value.

The new report by RealtyTrac shows 31 percent of homes in Florida were underwater for the first quarter of the year.

Only Nevada is worse off than Florida.

The Space Coast has the second highest rate of these "seriously underwater" homes, at 35 percent!

Nationwide, 9.1 million homes, or 17 percent of all residential properties, were underwater in the first quarter.