Home values have sunk further below mortgage balances in boom-bust states like California, Florida and Nevada, but the bigger worry now is places where prices have not yet fallen steeply, First American CoreLogic said.

The unit of First American Corp. of Santa Ana, Calif., said Wednesday that 8.3 million U.S. mortgages, or 20% of all properties with a first or second lien, were in a negative-equity position at Dec. 31.

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