A new report estimates 11 million U.S. homeowners owed more on their mortgages than their homes were worth at the end of June.

According to a report from data aggregator CoreLogic, the number of these "underwater" homes actually declined by about 200,000 from an estimated 11.2 million in March. For those who owe more than their homes are worth, about 23 percent of all mortgage holders, the bad news is that the CoreLogic report demonstrates a strong correlation between home-price appreciation and homeowner equity.

In the first six months of 2010, homeowners with little or no equity in their properties say their home's value fall by more than one percent. For homeowners underwater by 50 percent or more, property values fell by 2 percent, according to the report.

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