The good news with declining home values is that more families shut out of the market during the boom years are able to jump in now. The bad news is that many households who bought during that period are watching helplessly as their investment falters.

How much has it fallen in value, you ask? Zillow.com just released some estimates. Many in the real estate industry question the accuracy of Zillow's figures, but they can be used as a starting point. Go here to find out specifics for your area. Zillow even breaks it down by zip code.

By the way, my neighborhood in Clovis - 93611 zip code - has experienced nearly a 23% dip in value over the last year, according to Zillow. Good thing we've lived in the same house for 15 years; we still have equity.