FORECLOSURES

The value of U.S. homes is expected to decline by more than $1.7 trillion during 2010, following a drop of more than $1 trillion in 2009, according to data from Zillow Real Estate Market Reports. Since the market peak of June 2006, U.S. housing has lost $9-trillion in value.

Sen. Jim Bunning, R-KY expressed anger Wednesday that the potential for another mortgage crisis remains, despite efforts to deal with the mortgage crisis over the past decade.

A Senate wrangle over soaring budget deficits on Tuesday stopped the passage of a crucial extension of unemployed benefits to millions of Americans experiencing the sting of the worst jobs crisis in three decades. The failure of the lame duck Congress to extend benefits will cut off sustenance payments to two million people in December, adding to the woes of home losses, bankruptcies and foreclosures, besides also setting back the economic recovery. Here's a quick lowdown on the situation.

U.S. home prices fell by 2.0 percent in the third quarter of 2010, after having risen 4.7 percent in the second quarter, according to data from S&P/Case-Shiller Home Price Indices.