In both Larimer and Weld counties, the number of homes with mortgages that are "underwater" decreased quarterly in the first quarter.

In Fort Collins-Loveland, 6.7 percent of homes with a mortgage were in negative equity, or underwater, in the first quarter, compared with 8.9 percent in the fourth quarter of 2011. Additionally, 4.4 percent of homes were near negative equity in the first quarter, compared with 5.3 percent in the fourth quarter of 2011.

Year-over-year comparisons were not available because CoreLogic, the California based analytical firm that compiles the data, altered slightly their methodology beginning in the first quarter of 2012.

In Greeley, 30.6 percent of residential mortgages were underwater in the first quarter, down from 37.2 percent in the fourth quarter of 2011. In the first quarter, 9.7 percent of properties were near negative equity, compared with 9.2 percent in the previous quarter.

Statewide, 20.7 percent of mortgages were underwater in the first quarter, and nationally, 23.7 percent of all mortgages were in negative equity, down from 25.2 percent in the previous quarter.