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Property value losses set to total $2 trillion

December 16, 2008 by  

Many people owe more on their house than it is worthBy the end of this year, American homeowners could be facing a collective loss of $2 trillion on their properties’ value, new figures reveal.

Data reported by Zillow.com found that the value of U.S. homes declined by 8.4 percent annually during the first three quarters of 2008, compared with the same period in 2007.

The situation may be especially bad for the 11.7 million families who are considered to be "underwater" on their mortgage. This means they owe more on their home loan than their house is currently worth.

Zillow’s Stan Humphries said that the fourth quarter of the year is likely to bring even more difficult situations for homeowners, as other factors such as job losses wreak havoc on households’ financial stability.

"This year marked the acceleration of the market correction, and is likely to end with the eighth consecutive quarter of declines in home values," he commented.

The news comes after members of the House Oversight Committee took the CEOs of Fannie Mae and Freddie Mac to task for ignoring economic warning signs and making "irresponsible investments" that have ended up costing taxpayers "hundreds of billions of dollars."
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  • Mung

    Regarding Property Value Losses….
    I am not all surprised at this huge losses. I am sorry for some meant-well -homeowners. This calls for a living below one’s mean solution.

  • Jim

    I believe the liberal media is responsible for misleading the American public on the following issues: global warming, the economy, President Bush and the Middle East war, congress, Obama, housing, gay marriage and etc,. No wonder the world has a skewed vision of our country. We are critically divided over politics and all the above.

    • Joseph Singh

      Am sure the new administration will solve all the problems, watch and see,
      Obama is a great man and American will eventually be proud of him,
      regardless to who voted for him, I can only see good in this man for all over
      President Bush was a good man too but made only one mistake, instead
      of going only for Sadam, he he took away others from that country,
      otherwise the economy would have been ok, but Obama will do better than
      the Bush administration on the overall

  • Joseph Singh

    Am sure that if the banks make a proper survey with the house owners and see how
    much they can afford to carry the mortgage debt, and reduce the present payments,
    so that the monthly payments could be affordable, then there would be no reason to
    panic, and forclose, go bankrupt or even loose their homes, or government bailout,
    did not call for, and any short falls in payments could have been spread out over a
    period of time to recover any losses to the bank, cover the losses by insurances
    so that no one will suffer any losses, so long as the owner is not over burdened
    with debts, the bank will not loose out and the government will not use taxpayers
    money to prop up any problems, then everything would have been for the best.
    for the people, the banks, the government and for the country as a whole, it would
    need a little more input by myself to explain in a more detail manner at a meeting place, so that it would be well documented and implemented for the purpose of
    accounting and other related beneficial matters to make it complete, am surprised
    that so many good leaders have not put things in the right prospectives in the
    right time, by now there would have had no big disadvantage to no one and
    America would have still be on top of the world in all areas, full co-operation
    would have been necessary by all parties concerned, from all points of view,
    having the knowledge and experience, nothing is impossible to solve, and man
    is made in this world to solve problems not create problems, people in this
    universe is made to be happy forever and in the next,,, take care,,,,,,

  • http://www.cancerspes.org larry pope

    i am sorry to say that i project home prices and commercial properies will be devalued between $4.75 and $5 trillion (combined) look out banks and credit card companies–by the end of oct 2009–let say a pray– larry

  • http://forum.thefreedictionary.com/profile18489.aspx Joaquina Torey

    You will obtain information about various subjects. Look into the web page and just check it!

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