US homeowners have lost about $5.9 trillion in value since the housing market’s peak in March 2006 as mounting foreclosures and the recession weighed on prices, according to Zillow.com.
Almost half a trillion dollars was wiped out this year through November as housing headed for a third straight annual decline. New foreclosures and higher mortgage rates in 2010 may hinder a rebound, the property data service said yesterday.
Read Dan Levy’s full article “U.S. Homeowners Lost $5.9 Trillion Since 2006 Peak” in Bloomberg (December 9, 2009).