The number of mortgaged homes with negative equity fell slightly in the first quarter, to 11.2 million units, according to figures compiled by First American CoreLogic.

The unit of First American Corp. of Santa Ana, Calif., said Monday that almost a quarter (24%) of U.S. homes are "underwater" while 28% have negative or "near-negative" equity. (Roughly 2.3 million borrowers have less than 5% equity.)

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