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The housing report card is ugly. In the past two years, the housing market has lost an estimated $4.9 trillion dollars, as 59 million homes have declined in value.
Nearly 1 in 4 homeowners — 10.7 million households nationwide — are underwater on their mortgages. They owe more than their home is now worth.
The housing market is so bad in California, that a bank demolished 16 nearly completed homes – because it was cheaper to knock them down, than to finish them.
Home building across the country is almost non-existent. In 2005, 2 million housing units were built in this country. Last year, that number dropped to nearly a quarter of that.
Read more from CBS News
