$2 Trillion Dollar U.S. Housing Disaster

From CNNMoney.com - "U.S. homes lose $2 trillion in value in '08":

American homeowners will collectively lose more than $2 trillion in home value by the end of 2008, according to a report released Monday.

Beginning, middle, and end, this housing story remains deplorably bad:

"This year marked the acceleration of the market correction, and is likely to end with the eighth consecutive quarter of declines in home values," said Stan Humphries, Zillow's vice president of data and analytics. "Homeowners in most areas we cover are struggling with foreclosures pouring into the market, large amounts of negative equity and dropping home values."

Don't put the battering ram away just yet:

The foreclosure picture is not likely to clear up in the coming months, according to Humphries (Stan Humphries, Zillow's vice president of data and analytics). He expects to see more foreclosed, vacant homes added to already bulging inventories, sending prices spiraling down and putting more mortgage borrowers deeper underwater.

For many, it was hard to ever image a time when housing would fall. Now, for many, it's hard to image that the future will bring better days. The doom and gloom continues ... for good reason don't you think?