According to Zillow Home Value Index, we have seen the largest year-over-year decline in home values in the past 12 yrs. Leaving 29.1% of all homeowners who purchased homes since the fall of 2004 with negative equity. Places in California have lost 38.2% of their home value, Las Vegas has lost 27.4% and Miami area has lost 20.8% in just the last year. This doesn't take into account the loss from '06 to '07. Wow! can you just imagine what it must be like to live in one of those areas. Some areas are still doing well, take Pittsburg, Oklahoma City, and Austin for example, they have all increased in value. None of those are places I want to live, but they must be celebrating that they are not losing home value. As bad as this sounds, consider that 90% of all homes sitll have a value higher than 5 years ago, and 100% have a higher value than 10 years ago.