Earlier this month, the Center for Responsible Lending put out a study asserting that the foreclosure crisis is only half over. We got some more data from the Case-Shiller report showing declining home prices and over 10.7 million mortgages under water.

Reid had to do this. Nevada is off the charts when it comes to foreclosures and negative equity. Over 70% of homeowners in the state, an amazing number, are underwater or nearly underwater. Foreclosures are higher than any other state as well, and this contributes to both the skyrocketing unemployment rate and state budget deficit.