Under other circumstances these numbers wouldn't sound as good but after the Great Recession, these numbers sound great. From AZCentral.com - Only 20.6 percent or 186,539 Valley homeowners are underwater now, according to a new report from real estate research firm CoreLogic. During the crash's low point for home prices in 2011, nearly 50 percent of Phoenix-area homeowners owed more on their mortgage then their home was worth.