What Does It Cost? $10 Trillion, Decline In US Home Value Since 2006

from 24/7WallStreet:



What Does It Cost? $10 Trillion, Decline In US Home Value Since 2006
Posted: May 9, 2011 at 5:08 pm


> Total Home Value Lost: $10.06 Trillion
> Total Home Value, June 2006: $31.75 Trillion
> Total Home Value, March 2011: $21.69 Trillion

The total decline in US home values since the market peak in June 2006 is now at 29.5 percent, according to real estate company Zillow. This represents an absolute decrease of $10.06 trillion. There are a number of forces behind this massive decline. There currently is weak demand for housing, leftover in large part from the build up in inventory during the housing bubble. Unemployment is still relatively high, hovering around 9 percent for the nation. Additionally, high foreclosure rates and underwater mortgages further depress value. There are approximately 2 million homes in the foreclosure process and more than 1.5 million additional homes which are seriously delinquent.

-- Charles Stockdale


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