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Nearly one in four mortgages nationwide was in negative equity status as Dec. 31, 2009, up 600,000 from third quarter, according to a report released yesterday by First American CoreLogic.

Nevada credit unions are struggling with the nation’s worst equity situation, as 70% of all borrowers owe more than their homes are worth. Arizona follows with 51%, Florida with 48%, Michigan with 39%, and California rounds out the top five with 35% of all mortgages underwater.

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