Liverpool lost a fourth league game in a row at home for the first time since 1923 when Everton beat them 2-0 in the Merseyside derby on Saturday evening.
It was Everton’s first victory in the derby in over a decade and their first win at Anfield since 1999.
Liverpool remained in sixth in the league table, but given their run of form in the league, there is a serious concern that they will miss out on European football next season.
Owen admits that the mood at Liverpool has changed in a blink of an eye and feels that their current form cannot be termed just a bad run anymore given the way they have performed.
The former Red said on Premier League TV after the game: “It’s going from bad to worse, isn’t it?
“Of course, we all know that Liverpool have got it in them to be a phenomenal team.
“It was only a blink of an eye away that they were ruling Europe, the world and the Premier League.
“But now it has gone beyond a joke.
“It is not a bad run, they have just fallen off a cliff kind of a thing.
“The performances have gone from brilliant, in a blink of an eye, to it doesn’t look they are going to score goals.”
Liverpool have won just two of their last ten Premier League games while losing six of them.