Not out of Recession

Home value decline almost equal to depression puts home values an average of 25 percent below where they were at the June 2006 peak. By comparison, during the Great Depression, home values fell 25.9 percent in five years.

Some 23.2 percent of single-family home owners with mortgages were underwater in the third quarter, up from 22.5 percent in the second quarter, according to Zillow. Eleven markets tracked by Zillow had negative equity above 50 percent, led by Las Vegas at 80.2 percent.