The news that 25% of mortgages are underwater is not particularly surprising to many people. Indeed, with home values so low, it is to be expected. While an underwater mortgage does not necessarily lead to foreclosure, it is still a problem, since it can prevent some homeowners from getting a refinance or a loan modification. However, as long as you can afford to make your payments, and you plan to stay in your home for a long time, chances are that you will see a measure of recovery.

CNBC offers this list of U.S. cities that have the most underwater mortgages:

* Tampa-St. Petersburg-Clearwater, Florida: 48.2%

* Bredenton-Sarasota-Vencie, Florida: 48.2%

* Lakeland-Winter Haven, Florida: 49.2%

* Bakersfield, California: 50.4%

* Riverside-San Bernardino-Ontario, California: 58.5%

* Cape Coral-Fort Meyers, Florida: 60.5%

* Valleyo-Fairfield, California: 61.1%

* Orlando, Florida: 62.3%

* Reno-Sparks, Nevada: 62.4%

* Port St. Lucie-Fort Pierce, Florida: 62.5%

* Phoenix-Mesa-Scottsdale, Arizona: 63.5%

* Stockton, California: 66.9%

* Modesto, California: 70.4%

* Merced, California: 74.2%

* Las Vegas-Paradise, Nevada: 81.1%