One in four borrowers in the Baltimore metro area are under water on their mortgages, owing more than their homes are worth, according to estimates by real estate information company First American CoreLogic. That's not the sort of news to make anyone cheer -- anyone who isn't expecting to profit off short sales and foreclosures, anyway.

But at least we're not Las Vegas. Or Detroit. Or Tampa.

They're among the 14 metro areas with at least 40 percent of mortgaged properties in negative equity. Makes our 25 percent look -- well, a lot smaller than 25 percent of borrowers under water would normally look.

Las Vegas tops First American CoreLogic's list, with a whopping 69 percent of mortgaged homes under water. Second is Riverside, Calif., with 57 percent, followed by Phoenix, Ariz., with 56 percent. (Detroit is fifth-highest at 52 percent. Tampa is eighth with 51 percent.)

Baltimore is 33rd on the list, which ranks the 50 largest metro areas.

Fiftieth -- the best spot; this is a list you want to come in last on -- is Pittsburgh. Fourteen percent of its borrowers are under water. Including Pittsburgh, nine metro areas have less than 20 percent of borrowers in negative-equity positions.

Is your home worth less than you owe on it?