According to Dr. Frank Nothaft, chief economist for CoreLogic, "Ten years ago, during the depths of the Great Recession, more than 11 million homeowners had negative equity." This was a quarter of mortgaged homes, he said. Times have certainly changed. The third quarter report from CoreLogic on the equity in U.S. residential property shows only about 2 million homes to be underwater, with a higher balance on the mortgage or mortgages than the homes' value. This is 3.7 percent of all mortgaged properties. The national aggregate value of negative equity was approximately $301 billion at the end of the third quarter of 2019. This is down quarter over quarter by approximately $2.4 billion, from $303.4 billion in the second quarter of 2019 and the number of homes affected was 220,000 fewer than a year earlier, a 10 percent decline.