A University of California, Los Angeles, economic forecast report notes that U.S. home prices have fallen an estimated 22 percent from their 2006 peak, "accounting for about a $4.5 trillion wealth loss."

And "Perhaps more astonishingly, stock prices are on track to either having their biggest decline in history or, if not that, their worst performance since either 1931 or 1937," the report concludes.

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