Zillow: So long to $6.1 trillion in home values

Report estimates 18% of homeowners are underwater

Online real estate site Zillow today reported that about $6.1 trillion in home values have been washed away since the housing market’s peak in 2006.

And about 17.6 percent of all homeowners were underwater — owed more than their homes were worth — at the close of 2008, Zillow reported. The data is based on the company’s median home-value estimates, dubbed Zestimates, for homes in 161 metro areas.

The estimates include homes for sale and not for sale in a given market area.