American homeowners will collectively lose more than $2 trillion in home value by the end of 2008, according to a report released Monday. ...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.
Some 11.7 million Americans are now "underwater," owing more on their mortgage balances than their homes are worth.
Monday, December 15, 2008
U.S. housing loses $2 trillion in value
Bad news for homeowners from Zillow:
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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.
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