U.S. homes are expected to lose more than $681 billion in value during 2011—and while that sounds like a staggering figure, it is 35% less than the $1.1 trillion lost in 2010, Zillow Real Estate Market Reports said.

Most of the year’s loss in value was in the first half of 2011, with homes depreciating by $454 billion. In the second half, that slowed to $227 billion, Zillow said.

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