“U.S. homeowners have lost about $5.9 trillion in value since the housing market peak in March 2006 as mounting foreclosures and the recession weighed on prices, according to Zillow.com.
Almost half a billion dollars was wiped out this year through Nov. 30, as the market headed for a third straight annual decline. New foreclosures and higher mortgage rates in 2010 may hinder a rebound, the property data service said today in a statement.”
Wonder why the economy is slow? Consider these numbers from Zillow and Bloomberg: