US homeowners lose $5.9 trillion in value since 2006: study
09 Dec 2009
Homeowners in the US saw their homes losing about $5.9 trillion in value since 1996, when the housing market was at its peak aas total home values fell by nearly half a billion dollars in the first 11 months of 2009, according to a online real estate appraisals company.
According to online real estate information provider Zillow's latest market report, total home values in the US fell $489 billion in the first 11 months of 2009 with the value of US housing currently at $24.7 trillion, down 19 per cent from the market peak.
"A large drop, to be sure, but it marks a significant improvement from 2008, when homes lost a total of $3.6 trillion in values," Zillow said.
About one-third of the markets covered (48 of 154) by Zillow had gains in total home values. The Boston metropolitan statistical area (MSA) topped this year's list, gaining $23.3 billion. Last year, the Boston MSA lost $53.4 billion.
On the other end of the spectrum, the Los Angeles MSA housing market lost the most in 2009 - $60.8 billion. But even that was a significant improvement from 2008, when the MSA lost $345.8 billion.
However, Zilow said, "The LA market has actually performed quite well recently, having seen six consecutive months of monthly gains in home values as of October, but the strong negative performance earlier in the year dug the overall market a large hole early on."