Housing Market to Shed $1.7 Trillion in 2010

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The housing market has had a bad year, but who knew it was this bad? By the time 2010 comes to a close, homes in the U.S. will have shed a total of $1.7 trillion in value, according to a study from Zillow.com. In 2009, the housing market lost a mere $1 trillion, making this year's decline more than 50% worse. In total, home values have declined a whopping $9 trillion since the market peaked in June 2006.

The significance of this decline is not lost on critics of the homebuyer tax credits, which expired June 30 of 2010. While the tax credits helped increase sales temporarily, the downturn resumed shortly after they expired. Of the 129 markets tracked by the study, fewer than 25 percent recorded gains in value for the year. Boston and San Diego were among the few markets in positive territory.


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