MADISON, Wis. -- Madison may be one of the best cities in the U.S. but it's also apparently one of the worst for homeowner debt.

According to an article in Forbes Magazine, nearly one in three Madison homeowners has a second mortgage, a home equity loan or both.

The list ranks Sacramento first followed by San Diego, Calif., Washington, D.C., Colorado Springs, Colo., Denver, Minneapolis, Los Angeles, Boise, Idaho, Las Vegas and Madison.

Of the roughly 143,000 mortgages in Madison, 27 percent or 38,000 are carrying a second mortgage or home equity loan, according to the magazine.

That can spell trouble for homeowners looking to refinance out of an adjustable rate mortgage, WISC-TV reported.

One positive note is that Madison is the only city in the top 10 to actually have home values appreciate in 2007, at just 1 percent.

By comparison, homeowners in Sacramento saw a 19 percent drop in the average home price last year.