http://online.wsj.com/article/SB125079838400747341.html
From the end of 2006 through March 31, it says, the total market value of U.S. household real estate fell from $21.9 trillion to $17.9 trillion. That's about 18%. (The lost wealth works out at just over $13,000 for every person in the country.)
But although house prices get all the attention, they are only half the story.
During the same period of time, total outstanding mortgage lending rose from $9.9 trillion to $10.5 trillion.
Homeowners' equity collapsed. Even if we take the Fed's conservative estimates for the decline in house prices, that equity has fallen about 40% from the peak.
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