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Friday
Dec102010

Home Values Dropped by $1.7 Trillion in 2010

Photo Courtesy - Getty Images(SEATTLE) -- What millions of Americans consider their most valuable asset depreciated again in 2010.

Zillow.com, an online real-estate marketplace, reported Thursday that the value of homes across the nation fell by another $1.7 trillion this year, a 63 percent increase from the $1 trillion loss in 2009.

Stan Humphries, Zillow’s chief economist, said, “Despite a strong start to 2010, by the end of the year, homes lost more of their value in 2010 than they did in 2009.”

Humphries offered that first-time home buyer credit from the government spurred sales through the first half of this year but once these incentives expired, the housing market took a major hit.

This also means that a record 23.2 percent of single-family home owners owe more on their mortgage than their house is worth.

Since the end of the housing boom in 2006, Zillow estimates that about $9 trillion in value has been lost.

Copyright 2010 ABC News Radio

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