About 25% of homeowners in the first quarter were underwater on their mortgages, meaning they owe more than their homes' current values, according to Zillow. That's down from 28% at the end of 2012. However, 18% of homeowners who technically have broken even as home values rise still cannot afford to move because of the added costs of listing a home, paying sales commissions and making a down payment on a new home, Zillow says.

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