3.4 Trillion: Impact of Falling Home Prices on Household Wealth In 2008

We have written about housing statistics before. We spotted this today:

"From 2000 through 2007, a remarkable run-up in global home prices occurred (see chart). But that trend has reversed abruptly. In 2008, the value of US residential real estate fell 10 percent; the global average fared only somewhat better, declining by almost 4 percent. We estimate that falling home prices erased more than $3.4 trillion of household wealth in 2008"

Statistics Source: Ritholtz