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Old 12-09-2010, 03:08 PM
 
Location: 3rd rock from the sun
3,858 posts, read 6,225,463 times
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Early 2010 Housing Stabilization Fizzles; U.S. Homes Set to Lose $1.7 Trillion This Year | Zillow Blog - Real Estate Market Stats, Celebrity Real Estate, and Zillow News

Despite the housing market’s strong start to 2010, the latest data from Zillow shows that homes will likely have lost more value by the end of the year than they did in 2009. Using our housing market data from the first 11 months of the year, along with some forecasting for December, our research arm has calculated that U.S. homes are set to lose $1.7 trillion in values during 2010. That’s 63% more than the $1 trillion lost in 2009.

Since the peak of home values in June 2006, more than $9 trillion in values has come out of the housing market.

Thanks to high rates of foreclosure and negative equity, it does not appear that the first half of 2011 will bring much relief. However, the hope is that the market will reach a bottom sometime next year, and that average rates of appreciation will return sometime in the next three to five years.

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From the table in the link that $1.7 million represents a 7% drop compared to a 4% drop in 2009. 2009 could have been worse without the new home buying incentives.
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