Roughly 46% of all outstanding mortgage loans in Florida were in negative equity at the end of the first quarter — that is, nearly half of all mortgage borrowers owe more than their homes are worth, according to new data from CoreLogic. In aggregate, CoreLogic estimates Florida borrowers owe $723 billion in mortgage debt, against $814 billion in total property value. Only two states — Arizona and Nevada — have higher debt-to-value ratios. Across the U.S., roughly 23% of all mortgage borrowers owe more than the value of their homes, which is also known as being "underwater" on the loan. Each of the three major metro areas in Southwest Florida are in more or less the same position as the entire statewide market. In Cape Coral-Fort Myers, 49% of mortgage borrowers are underwater; in Tampa-St. Petersburg-Clearwater the rate is 48%; and in North Port-Sarasota-Bradenton, the rate is 42%