LOSING BENJAMINS: U.S. Home Values to Drop by US $1.7 trillion this year
Dec 10, 2010
Dec. 10, 2010
The combined total loss in value of US homes is estimated at $1.7 TRILLION dollars. Wow – that’s a lot of Benjamins.
This Holy Moly figure was first reported by Zillow Inc., America’s favorite home price tracking website.
According to a post yesterday on the Zillow Blog:
“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.”
Poor poor Americans. A hurting job market, an unpopular president, and a housing market that just can’t pull itself out of the gutter.
Fear not though. Americans are resilient and innovative. They and their housing market will shine again.