Mortgage holder equity reached $18 trillion in June, but a growing share of borrowers in Texas and Florida are either underwater, behind on payments, or both. While home equity remains at record levels on a national basis, parts of the Sun Belt are showing increasing signs of distress. The highest rates of underwater mortgages are concentrated in Texas and Florida, according to the report. The only other states with any markets posting negative equity above 3% were Colorado and Louisiana. Equity still rules: Following five straight months of annual home price growth, the average borrower has around $212,000 in "tappable" equity, the report found.