Las Vegas and Reno, Nev. are the top two cities with the most “underwater” homes, according to a new report from online real estate site Zillow.  The report noted that Americans continue to owe more on their homes than they are worth and that nearly one in three mortgages is underwater, amounting to more than 15 million homes and a total negative equity of $1.19 trillion. The cities with the most homes underwater are: 1. Las Vegas, Nev. (pct. homes w/underwater mortgages: 71%); 2. Reno, Nev. (61.7%); 3. Bakersfield, Calif. (60.5%); 4. Modesto, Calif. (60.3%); 5. Stockton, Calif. (60.3%); 6. Vallejo, Calif. (60.3%); 7. Visalia, Calif. (57.7%); 8. Phoenix, Ariz. (55.5%); 9. Atlanta, Ga. (55.5%); and 10. Orlando, Fla. (53.9%).