Nearly Quarter of All Mortgages Underwater

New York, NY, March 9, 2011 -- About 11.1 million home owners, or 23.1% of all mortgaged homes, were underwater in the fourth quarter of 2010, according to report by housing data firm CoreLogic.

That's up from 22.5%, or 10.8 million households, in the third quarter.

In addition to the more than 11 million households that are underwater, another 2.4 million homeowners are nearing that point.

The slide in home prices began stabilizing last year. But prices are expected to continue falling in many markets due to high levels of foreclosure and unemployment.

The total amount of negative equity increased to $751 billion nationwide, up from $744 billion in the previous quarter.