Monday, December 15, 2008

U.S. housing loses $2 trillion in value

Bad news for homeowners from Zillow:
American homeowners will collectively lose more than $2 trillion in home value by the end of 2008, according to a report released Monday. ...

Some 11.7 million Americans are now "underwater," owing more on their mortgage balances than their homes are worth.
Keep in mind that it is $2 trillion that never would have existed without the housing bubble. For people who bought at the peak, however, that's no consolation.

1 comment:

  1. That's ok. Great swaths of this country are doomed. (economically speaking, of course). I pick Manassass as the #1 place for pain and suffering in the DC area, even if you exclude the issue of collapsing home values there. Over-built, under-funded, not enough employment opportunities for the residents there, ungodly road congestion (66 Eastbound in the morning, anyone?). Stick a fork in it.