Home Values Down Nearly $6 Trillion Since 2006

New York, NY, Dec. 10, 2009--U.S. homes have declined about $5.9 trillion in value since the housing market's March 2006 peak, according to Zillow.com.

Zillow said that nearly half a trillion dollars was wiped out this year through November as housing headed for a third straight annual decline.

New foreclosures and higher mortgage rates in 2010 may hinder a rebound, the property data service said in a press release.

The value of U.S. housing today is about $24.7 trillion, down 19 percent from the market’s peak, according to Zillow. Homes declined $489 billion in the first 11 months of the year.