John Carver's side have lost its past six Premier League games and Owen believes that they will fail to gain another point from the remaining five games of the season, suggesting that they could have quite easily been relegated.
Owen told BT Sport: "If there were eight or 10 games left I'd be thinking, 'Newcastle are going down here'.
"I can't see how they're going to get another point, they've got such a small squad and so many injuries.
"They're lucky there's only five or six games left. They're playing so badly and there's such a bad feeling about the place.
"I can't see how they're going to get a point but they might just hang on. If there were 10 games left, I'd be really worried for them."
Newcastle currently sit 14th on the league table, seven points above the drop zone.