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SACRAMENTO-There has been a fall in the number of homes underwater in California in the second quarter according to the data from Zillow.com. There were 21.5% of homes that were underwater in Q2 2010 compared to 23.3% in Q1 2010 and 23% in Q2 2009.

The decline can be attributed due to rise in property values in California that were boosted by federal and state tax credits. About 28% of the markets that were tracked in California reported a price rise. For the full story, go to The Boston Globe.

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