A new report showed that 9.8 percent of all mortgages issued in Hawaii were in negative equity in the first quarter of this year, the 10th lowest percentage of any state.

Of the 230,246 mortgages outstanding, 22,594 were in negative equity, meaning the borrower owed more on the loan than the value of the home, according to CoreLogic, a firm specializing in consumer, financial and property information.

Total mortgage debt in Hawai'i was $256 billion, with net homeowner equity of 63 billion. The average loan-to-value ratio was 80 percent.

Nationwide 23.7 percent of mortgages were in negative equity, according to CoreLogic, which surveyed 47 million properties accounting for 85 percent of all mortgages in the U.S.