High foreclosure rates and negative equity continue to haunt real estate markets across the nation. In fact, a new report states that about 20 percent of mortgages nationally are under water. Jay Butler, associate professor of real estate at the W. P. Carey School and author of the monthly Realty Studies report, says that July delivered more of the same -- a bumpy ride along the bottom -- for the Phoenix market. Arizona has been a focal point for the real estate collapse, but with soggy conditions across the country, is that still true?