Loss of housing value exceeds cost of Iraq war.

Zillow is getting a jump on the end-of-year data purge with a report released today that says that US homes are expected to lose more than $1.7 trillion during 2010, a 63 percent increase compared with 2009 for a total loss since June 2006 of $9 trillion. That's a lot of cash, way more than the cost of the Iraq war, which cost $750.8 billion since 2001.

Here's a look at the situation across the country (the Twin Cities metro area is about halfway down the chart).

20 Largest Markets Tracked by Zillow

Region Total Estimated Home Value Change in 2010[iv] Total Home Value Change in 2009[v] Total Estimated Home Value Dec. 20101 Total Estimated Home Value Change from Peak Zillow Home Value Index[vi] YoY Change (Oct.) United States -$1.7 trillion -$1 trillion $22.7 trillion -$9 trillion -5.0% New York, N.Y. MSA -$103.7 billion -$145 billion $2.5 trillion -$602.1 billion -3.8% Los Angeles, Calif. MSA -$38.6 billion -$80 billion $1.7 trillion -$676.6 billion +0.8% Chicago, Ill. MSA -$48 billion -$66.7 billion $625.8 billion -$275.8 billion -8% Dallas, Texas. MSA -$11.7 billion -$7 billion $294.3 billion -$39.2 billion -2.3% Philadelphia, Penn. MSA -$26.5 billion -$13.5 billion $391.1 billion -$90.5 billion -6.6% Miami-Fort Lauderdale, Fla. MSA -$16.3 billion -$50.1 billion $380.5 billion -$324.4 billion -15.4% Washington, D.C. MSA -$6 billion -$13.3 billion $607.3 billion -$187.6 billion -3.7% Atlanta, Ga. MSA -$28.5 billion -$12.8 billion $274.8 billion -$104 billion -14.5% Detroit, Mich. MSA -$9.5 billion -$23 billion $153.1 billion -$115.5 billion -13.9% Boston, Mass. MSA +$10.8 billion +$4.6 billion $531.9 billion -$105.4 billion +0.7% San Francisco, Calif. MSA -$22.5 billion -$34.3 billion $722.9 billion -$266.8 billion -0.6% Phoenix, Ariz. MSA -$36 billion -$48.8 billion $203.4 billion -$222.2 billion -13% Riverside, Calif. MSA +$7.3 billion -$30.6 billion $247.9 billion -$221 billion +1.2% Seattle, Wash. MSA -$25.2 billion -$27.7 billion $349.4 billion -$ 122.9 billion -11.6% Minneapolis-St. Paul, Minn. MSA -$4.7 billion -$18.4 billion $215.2 billion -$90.9 billion -8.8% San Diego, Calif. MSA +$10.2 billion -$22 billion $378.5 billion -$151.6 billion +2.3% St. Louis, Mo. MSA -$7.7 billion -$8.6 billion $148.4 billion -$30.3 billion -3.9% Tampa, Fla. MSA -$5.7 billion -$19.5 billion $146.3 billion -$113.3 billion -9.2% Baltimore, Md. MSA -$9.6 billion -$13 billion $224.8 billion -$55.1 billion -9.3% Denver, Colo. MSA -$12.5 billion +$7.5 billion $198.9 billion -$29.8 billion -3.9%

[iv] Total home value change is calculated by subtracting the estimated value of all homes in an area in December 2010 from the total value at the start of 2010. Forecasting was used to calculate value change during December 2010. [v] Total home value change is calculated by subtracting the value of all homes in an area in December 2009 from the total value at the start of 2009. [vi] The Zillow Home Value Index is the median value of all homes in an area. # # #