For what it is worth Zillow, the retail home valuation website is indicating that home prices across the entire US. have declined 7% from their peak 9 months ago. If true that would represent 7% loss on approximately $18 trillion in houses. Of course it is just paper. But $1.26 trillion in paper value is gone according to them. To put it in perspective the Dot Com bust lost $1.7-$4.0 trillion depending on whose numbers you use. The U.S. economy is also larger than it was in 2001 by about 30%. The zillow graph below just shows zillow's algorithmic estimates. So take this whole posting with a grain of salt, the next few months will be telling. Let's hope things stabalize or turn around.
Here is the wikipedia article on the house price bubble. It is surprisingny thorough and filled with data.