From the latest z.1 release from the Federal Reserve, real estate has declined from $25 trillion in 2006 to $18.6 trillion in early 2012.
The June 7, 2012, release is here.
The $6.4 trillion amount is almost the same $6 trillion amount noted by Mish via Zero Hedge here as evidence of ongoing deflation, defined as credit marked to market. It is the amount of decline in credit-money circulation.
When housing declines in value as it has, the credit used to secure it disappears with it.
The housing nadir was actually in Q4 2011 at $18.2 trillion, a $6.8 trillion dollar decline overall, or 27 percent from peak. Things have improved a little since then, by $400 billion, which is part of the reason for all the happy talk about real estate.
I remain unconvinced about a housing rebound since valuations remain at the upper limit of historical experience before the bubble. Stabilization of housing values near current levels and then going forward a number of years isn't unreasonable, but there are no guarantees given the absence of a driver for jobs.
Once and present homeowners rubes continue to bear the brunt of the deflation caused by the government/industry skimming operation designed to fleece Americans of their dreams.
Not just fascism. Rapacious fascism.
