HousingWire reports for Q1 2011, CoreLogic has determined that 40 percent of borrowers who owe more than their homes are worth, termed ‘underwater’, had taken out home equity loans for additional funds.  The number of underwater loans in Q-4 2010 fell 200,000 to 10.9 million, representing 22.75 percent of all residential borrowers.  Nevada continues to have the highest rate, with 63 percent of all mortgages underwater.  Arizona is second with 50 percent, and Florida third at 46 percent.  CoreLogic said, “Together, negative equity and near-negative equity mortgages accounted for 27.7% of all residential properties with a mortgage nationwide.”  The decrease from the previous quarter is a mere .02 percent.