The percentage of Utah homes with underwater mortgages remained at 21.1 percent in this year's first quarter, about the same level as in the fourth quarter, according to a new report by CoreLogic.

In Salt Lake City, 20 percent or 45,125 residential mortgages were considered to be in "negative equity," meaning that borrowers owe more on their mortgage than their homes are worth. In addition, 6.2 percent or 14,046 mortgages were in near negative equity in Salt Lake City.

Nationally, 23.7 percent of all residential properties with mortgages were in negative equity in the first quarter.

Nevada (70 percent), Arizona (51 percent), Florida (48 percent), Michigan (39 percent) and California (34 percent) posted the highest negative equity rates of all states.

"The typical underwater borrower is likely to regain their lost equity over the next five to seven years," according to Mark Fleming, chief economist with CoreLogic.