U.S. housing market lost $3.3 trillion in value last year

[Bindare_Dundat]

Feb. 3 (Bloomberg) -- The U.S. housing market lost $3.3 trillion in value last year andalmost  one in six owners with mortgages owed more than their homes were worth as the economy went into recession, Zillow.com said.

 

http://www.bloomberg.com/apps/news?pid=20601087&sid=aE29HSrxA4rI&refer=home

[SAMSON123]

For those who were GREEDY and buying homes for the sake of selling them right after for a profit I say GOOD FOR THEM. A house is a NECESSITY NOT A LUXURY. American have fallen for the greed game too many times...putting a value of X on EVERYTHING!!!!! A home has no value other than the importance of the place where one lives when a person is not actively selling it. If you are not selling your home then its supposed value means NOTHING. A homes value fluctuates up and down continuously over the decades it will exist. Brownstones, Victorian homes, Georgian homes, Tudor homes, Queen Ann homes, Bungalow homes etc etc were all built for at best a couple of thousand dollars in their day. Many decades later some came to be worth hundreds of thousands of dollars now they are back down to a couple thousand dollars and without a total economic collapse over time the value will go up and down. For some strange reason the idiots who promoted real estate kept trying to impress in the minds of potential home buyers that the value of homes was going to go up endlessly for all perpetuity. LIES LIES LIES... Now the value of homes are coming down to what they are REALLY WORTH.

America based its worthless dollar on real estate which is why there is all of this discussion on supposed home value loss of trillions.... you can't lose value on a product that was monstrously OVERBLOWN in value to begin with....

[Hereford]

Samson is right here. Fuuck the investors and speculators who bought up any and all properties for obscene amounts, then lost their collective asses when people bailed. People actually couldn't borrow enough to buy a house.

Also a good number of these houses people are crying about losing are not primary residences.

Here in Cali it would appear that around 80% of the homes for sale are low-level rentals, not nice houses.

[gordiano]

For those who were GREEDY and buying homes for the sake of selling them right after for a profit I say GOOD FOR THEM. A house is a NECESSITY NOT A LUXURY. American have fallen for the greed game too many times...putting a value of X on EVERYTHING!!!!! A home has no value other than the importance of the place where one lives when a person is not actively selling it. If you are not selling your home then its supposed value means NOTHING. A homes value fluctuates up and down continuously over the decades it will exist. Brownstones, Victorian homes, Georgian homes, Tudor homes, Queen Ann homes, Bungalow homes etc etc were all built for at best a couple of thousand dollars in their day. Many decades later some came to be worth hundreds of thousands of dollars now they are back down to a couple thousand dollars and without a total economic collapse over time the value will go up and down. For some strange reason the idiots who promoted real estate kept trying to impress in the minds of potential home buyers that the value of homes was going to go up endlessly for all perpetuity. LIES LIES LIES... Now the value of homes are coming down to what they are REALLY WORTH.

America based its worthless dollar on real estate which is why there is all of this discussion on supposed home value loss of trillions.... you can't lose value on a product that was monstrously OVERBLOWN in value to begin with....

Well said.......all about greed.

[Soul Crusher]

Well said.......all about greed.

Those greedy robber barons made it impossible for regular people to own homes at any price.  Screw em and screw the banks.