“The value of household real estate has fallen $6.6 trillion from the peak – and is still falling in 2011.”
Household real estate peaked at $22.7 trillion in 2007. It is now worth $16.1 trillion (or down about 30%).
There are 52+ million households. Nearly a third have no mortgage. About a fifth have negative equity (are under water to use the colloquialism).
Numbers from Federal Reserve Flow of Funds Report.