``There was heartening news this morning from CoreLogic which reports that nearly three-quarters of a million homes emerged from negative equity between the fourth quarter of 2011 and the first quarter of 2012.  At the end of Q1 11.4 million homes, or 23.7 percent of all mortgaged residential properties in the U.S. were underwater, 700,000 fewer than the 12.1 million or 25.2 percent in the previous quarter.''

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