"American homeowners will collectively lose more than $2 trillion in home value by the end of 2008, according to a report released Monday.
The real estate Web site Zillow.com calculated that home values have dropped 8.4% year-over-year during the first three quarters of 2008, compared with the same period of 2007.
Some 11.7 million Americans are now 'underwater,' owing more on their mortgage balances than their homes are worth."
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U.S. homes lose $2 trillion in value during 2008
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