Wolves were heading for their first victory for 30 years at Villa Park until Carew scored after 82 minutes as Villa grabbed a point in the race for fourth place and a possible Champions League spot next season.
Carew had put Villa ahead in the 16th minute before a 23rd minute strike from Jody Craddock and a 38th minute own goal from James Milner turned the match.
The result left disappointed Villa trailing fourth-placed Tottenham Hotspur, who were playing at Stoke City later, by two points.
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Wolves moved four points clear of the relegation zone, though fellow strugglers Burnley and Hull City were both in action later in the afternoon.
(Writing by Mike Collett; Editing by Kevin Fylan)
