A year ago TheAMD.com observed the rapid erosion of home equity produced during the Housing Bubble. 

Link to original analysis.  (I note that the Federal Reserve has made revisions to historical data, and the analysis below utilizes quarterly figures) 

By the first quarter of 2009 the homeowner equity benefit derived from the Housing Bubble had largely disappeared.  Net equity gains had declined from $8.8 trillion to $582 billion.  $8.2 trillion was eradicated in 3 years.

The Obama Stimulus Spending and mini-Housing Bubble had the effect of increasing the net equity benefit to $1.7 trillion, but that figure has already begun to erode.  It is likely that post-1995 equity gains will disappear entirely over the next 12 months.

"Panics do not destroy capital, they merely reveal the extent to which it has already been destroyed by betrayal into hopelessly unproductive works." - John Stuart Mill



"Much of the economic growth and development of the past decade was driven by the distorting influence of Home Equity gains.  The complete reversal of these gains bodes poorly for a consumer based economy that has geared itself to service homeowners in possession of an incremental $8.0 trillion of Home Equity." - 6/10/09