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South Florida

Value of U.S. homes drops $2 trillion

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By the end of 2008, American homeowners as a whole will lose over $2
trillion in the value of their homes, according to a report released
today by Zillow.com, a real estate data Web site. Home values have dropped
8.4 percent during the first three quarters of this year
compared to the first three quarters of 2007, the report said.
Approximately 11.7 million Americans are now underwater on their homes,
owing more on their mortgages than their homes are worth.