Here's where homeowners have lost the most equity
The average homeowner in these 10 cities lost half of their equity in just a year, according to Forbes magazine.
Equity is the difference between what a home your worth and how much you owe on your mortgages.
Since a home is the biggest source of savings for most Americans, these families lost a huge chunk of their personal wealth in a very short period of time.
Most of them live in areas where soaring home prices required (or allowed) owners to take out huge mortgages until property values began to fall in 2007.
The cities that have lost the most home equity from June 2007 to June 2008 are:
Modesto, Calif. Down 68% to an average $26,350 worth of equity.
Sacramento, Calif. Down 63% to an average $53,438 worth of equity.
Lansing and East Lansing, Mich. Down 61% to an average $16,810 worth of equity .
Riverside, Calif. Down 58% to an average $79,431 worth of equity .
Port St. Lucie, Fla. Down 53% to an average $59,390 worth of equity.
San Diego, Calif. Down 52% to an average $107,559 worth of equity .
Vallejo, Calif. Down 52% to an average $120,297 worth of equity .
Las Vegas, Nev. Down 51% to an average $54,228 worth of equity.
Grand Rapids, Mich. Down 51% to an average $22,951 worth of equity .
Stockton, Calif. Down 51% to an average $87,657 an average worth of equity.