If the current economic recovery is feeling like a recession, you’re in good company.

Ex-Fed boss Alan Greenspan called our current mood a “quasi-recession” yesterday, warning the economy might contract again if home prices decline.

“We’re in a pause in a recovery, a modest recovery, but a pause in the modest recovery feels like a quasi-recession,” Greenspan said in an interview on NBC’s “Meet the Press.”

Asked if another economic contraction, a so-called “double dip,” was possible, the former Federal Reserve chairman said: “It is possible if home prices go down. Home prices, as best we can judge, have really flattened out in the last year.”

Part of that weakness can be attributed to the heavy indebtedness of the US home owner. A new report offers a startling look into the number of home owners who are currently underwater on their mortgages, with estimates that $2.4 trillion in debt is in limbo.

Nineteen percent, or 14.7 million, US households are trapped in homes with “negative equity,” according to a study by Mark Zandi, chief US economist for Moody’s, and Robert Schiller, Yale professor and co-author of the Case/Schiller Index, a real estate data service.

Of that total, 4.1 million households, or 28 percent, own a home that is valued at more than a 50 percent discount to their mortgage. That means for a property valued in today’s market at $300,000, the owner’s mortgage could be more than $600,000.

New York state has roughly 20 percent of its households paying a mortgage that is more than 50 percent greater than the current value of the home.

What’s more, the report indicates there may be a spike in foreclosures in the coming months as federal housing studies have shown that home owners in upside down mortgages are more likely to walk away from the properties.