U.S. Property Owners Lost $3.3 Trillion in Home Value

Feb. 3 (Bloomberg) — The U.S. housing market lost $3.3 trillion in value last year and almost one in six owners with mortgages owed more than their homes were worth as the economy went into recession, Zillow.com said.

The median estimated home price declined 11.6 percent in 2008 to $192,119 and homeowners lost $1.4 trillion in value in the fourth quarter alone, the Seattle-based real estate data service said in a report today.

For The Full Article Click On The Link

http://www.bloomberg.com/apps/news?pid=20601213&sid=akmNU0mqCLtc&refer=home