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: