The Housing market took quite the hit in 2008:
“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.
About $6.1 trillion of value has been lost since the housing market peaked in the second quarter of 2006 and last year’s decline was almost triple the $1.3 trillion lost in 2007, Zillow said.”
Funny, I kept hearing that prices never go down in real Estate.
I’ll dig up a chart on this later . . .
New York City Foreclosures
U.S. Property Owners Lost $3.3 Trillion in Home Value Last Year
Bloomberg, Feb. 3 2009