$2 Trillion in House Values Lost in 2008

Zillow's latest projection for 2008 is that US home values lost more than $2 Trillion due to the collapse of the housing bubble.One in seven of all homeowners, or 14.3 percent, were "underwater" by the end of the third quarter, the reports showed, meaning that they owe more on the mortgage than the house is worth. That's 11.7 million homeowners. More will be reported during the fourth quarter."