Homes in the United States have lost trillions of dollars in value during 2008, with nearly 11.7 million American households now "underwater" or owing more on their mortgage than their homes are actually worth. U.S. homes are set to lose well over $2 trillion in value during 2008, according to an analysis of recent Zillow Real Estate Market Reports.
Home values have declined 8.4 percent year-over-year during the first three quarters of this year, compared to the same period in 2007, the reports showed.
U.S. home values lost $1.9 trillion from the first of the year through the end of the third quarter, and will probably fall further in the fourth quarter. One in seven of all homeowners, or 14.3 percent, are now considered "underwater", the report showed.
This year marked the acceleration of the market correction, and is likely to end with the eighth consecutive quarter of declines in home values.