When the economic collapse hit, did you feel as if the sturdy boat you were in suddenly capsized? If so, you are experiencing negative equity. In the real estate market, it is more commonly referred to as being upside down on your mortgage.

And the negative equity waters are still rising. Homeowners with upside down mortgages (or less than 5% of equity in their home) went from 10.7 million to 11.3 million, or up a full percent from 23% to 24% as reported here by First American CoreLogic.

Negative equity seems to be concentrated in five states: Nevada, Arizona, Florida, Michigan and California. Nevada has the highest percentage with 70% of all mortgaged properties in trouble. Yet due to the shear population of the state, Florida and California had the highest number of actual properties underwater at 4.6 million.

If you are upside down, what are your options? Can you refinance your mortgage, for example? This mortgage advice site collected multiple expert sources or answers from USA Today, Chicago Tribune and the Washing Post. Although the advice differs, most experts say with little or no equity, refinancing is not an option. That leaves a short sale or a dreaded foreclosure for many, many consumers with more home than ownership.