Report: U.S. homes have lost $9 trillion

A report by the Seattle-based real estate website Zillow says that by the end of this year, homes across the U.S. will have lost a total of $1.7 trillion in value this year alone and $9 trillion compared to peak levels.

According to the report, that means that conditions have actually gotten worse this year compared to 2009, when homes shed just $1 trillion. Much of the drops this year occurred during the second half of the year, after homebuyer incentives expired.

"Government interventions like the homebuyer tax credit helped buoy the market during the second half of 2009 and the first half of 2010, but we saw a renewed downturn in the last half of this year," said Zillow chief economist, Dr. Stan Humphries.

Just 31 of the 129 markets tracked in the study have actually gained value during this year, led by the Boston metro area, which gained $10.8 billion in value.

Despite the nationwide declines, those who have bought Houston homes have seen values increase over the long-term. According to the Federal Housing Finance Agency, local properties have gained 106 percent in value since the start of 1991.