Zillow is projecting that home values across the country are expected to have gone down approximately $700 billion in 2011, which would be 35% less than the $1.1 trillion that was lost in 2010.

The Seattle, Wash.-based real estate provider said the majority of the losses occurred in the first half of the year. From January to June, the housing market experienced a loss of $454 billion, while Zillow is estimating that residential home value losses will be about half ($224 billion) during the second half of 2011.

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