Home values have been losing ground for much of this year, with previously huge annual gains shrinking to nothing. The result is that homeowners are losing equity.

Borrower equity fell 2.1% in the third quarter of this year compared with the same period a year ago, or a collective $373.8 billion, according to a report from Cotality. This comes after years of steep gains in home prices and record equity. Even after the drop, homeowners still have an overall collective net equity of $17.1 trillion for homes with a mortgage.

For the average homeowner, the third-quarter equity declines translate to a loss of $13,400. In addition, the number of homes in a negative equity position, meaning they are worth less than the mortgage on them, increased by 21% from a year ago to 1.2 million.

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