*Want more housing market stories from Lance Lambert’s *ResiClub* in your inbox? Subscribe to the *ResiClub* newsletter.* Since the Pandemic Housing Boom fizzled out in the summer of 2022, some overheated parts of the country—particularly in the West, Southwest, and Southeast—have experienced home price declines from their peak (see this map). While many of these markets have seen only modest drops, a few metro areas, such as Cape Coral and Austin, have undergone what I’d consider “material” home price corrections, falling -19.1% and -27.8%, respectively, from their peaks. These regional home price declines raise the question: How many mortgage borrowers are actually “underwater” right now? To find out, *ResiClub* once again reached out to ICE Mortgage Technology—formerly known as Black Knight, before it was acquired by Intercontinental Exchange for $11.8 billion in 2023. 2.1% —> The share of outstanding U.S. homeowner mortgages with negative equity* (i.e.…