NEW YORK - March 29, 2010 - By the end of 2010, half of all commercial real estate mortgages in the United States could be "underwater," according to the government's Troubled Asset Relief Program watchdog.

Translation: Amerikans' financial woes are far from over.

The commercial real estate bubble will grow so large that it will become a serious problem that will take at least three years to address, Elizabeth Warren, who chairs the congressional oversight pannel on TARP, told CNBC on Monday.

Nearly 3,000 mid-sized banks have what she called "dangerous concentrations" of sinking commercial mortgages: a situation that could result in roughly half the commercial property in the U.S. becoming worth more as debt than as real estate.

"The problem here is not fundamental. It is circumstantial, and it's deadly. These owners can't ride out the (Depression), because their loans are due and they're short, or worse, upside-down," noted Greg Rand, writing for Entrepreneur.