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New home construction at Castellina Terrace in the commuter town of Mountain House , Calif., on Thursday, July 10, 2014. Mountain House achieved notoriety during the economic meltdown as the most "underwater" city in America, a reference to the huge percentage of homeowners whose mortgage debt exceeded the slumping value of their properties. It had another unwanted distinction as one of the biggest losers in the CalPERS real estate portfolio. Now the town is coming back and CalPERS says it's glad it stuck it out in Mountain House.