More than 11.3 million homeowners — nearly one-fourth of all Americans with a mortgage — owe more on their loan than their home is now worth, according to a recent report released by FirstAmerican CoreLogic.

More than 10 percent of people with mortgages owe 25 percent more than their home is worth.

The number of underwater mortgages increased by about 620,000 from the third quarter, the firm said. An additional 2.3 million mortgages had less than 5 percent equity in their home, which could be wiped out if home prices fall further.

Once the mortgage is underwater, owners cannot easily sell their home or refinance their loan.

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