Frightening individual housing stats

I'm well outside the real estate community, so I don't know anything about a website called Zillow, but some of the numbers they're throwing around are horrifying.

....more than one in five homeowners now owing more on their mortgages than their homes are worth....

U.S. homes lost $704 billion in value during the first quarter and have depreciated $3.8 trillion in the past 12 months....

eight regions -- including the Modesto, California, Stockton, California, and Fort Myers, Florida regions -- with median value declines of more than 50 percent since those markets peaked....

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