I wouldn't say it's first in/last out, but there are reasons why you may (or may not) put on belly fat first and lose it last.
Fat cells receive a number of different hormone signals that tell them whether to store or release fat. Depending on the area of the body, the fat cells will have more or less receptors for the various messages. For example, visceral fat (sometimes called belly fat) has more cortisol receptors, so if you're stressed, your belly fat responds more than fat in other areas of the body.
In evolutionary terms, during times of starvation this serves to move fat from the periphery to the vital organs. In modern times, when you're well fed and stressed, it means you get belly fat, diabetes, etc.
A contrary point is sumo wrestlers. They gain lots of fat, but it's evenly distributed around their bodies, and not concentrated in the belly.