U.S. homes lose $2 trillion in value during 2008

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Submitted by The OC Scam on December 15, 2008 - 8:49am

Good news to me is that this number was created by the perfect system designed by Zillow.com!

NEW YORK (CNNMoney.com) -- American homeowners will collectively lose more than $2 trillion in home value by the end of 2008, according to a report released Monday.

The real estate Web site Zillow.com calculated that home values have dropped 8.4% year-over-year during the first three quarters of 2008, compared with the same period of 2007.

Some 11.7 million Americans are now "underwater," owing more on their mortgage balances than their homes are worth.

Zillow collects home values and analyzes home price trends in 163 markets; all but 30 registered price drops over the nine months ended Sept. 30, compared with the same nine-month period of 2007.

http://money.cnn.com/2008/12/15/real_est...

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Well, at least now we know
Submitted by kewp on December 15, 2008 - 9:17am.

Well, at least now we know where that two trillion dollars from the Fed went!

Yes your right.. I will write
Submitted by The OC Scam on December 15, 2008 - 9:52am.

Yes your right.. I will write bloomberg right away.