Report: 1 in 4 loans underwater

70% of Nevada mortgages exceed home's value

Falling home prices left nearly one in four U.S. homeowners with mortgages owing more than their homes were worth at the end of 2009, according to a new report from First American CoreLogic.

There were 11.3 million homes "underwater" at the end of the year — 24 percent of all residential properties with mortgages — up from 10.7 million or 23 percent of loans at the end of the third quarter, First American CoreLogic said.