Report: 1 in 4 loans underwater

70% of Nevada mortgages exceed home's value

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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.