$502 billion

Loss in home values across the United States that foreclosures will inflict on neighboring properties in 2009, according to a recent report from the Center for Responsible Lending. The so-called spillover effect will impact 69.5 million homes this year, resulting in an average $7,200 loss per home. Homeowners in the District of Columbia will be hardest hit, with an average $22,489 decline in property value. Those in Arkansas will be the least affected, with an average loss of $890 per home on average.

The foreclosure-fueled erosion of property values means homeowners have less equity in their home to finance retirement or cover tuition costs, medical bills, and other major expenses. It also lowers tax revenues for communities, according to the CRL.—Daniel DiClerico | e-mail | Twitter | Forums | Facebook

Essential information: If you're having trouble paying your mortgage, check out the federal government's mortgage-assistance Web site. And visit DefendYourDollars.org, a site run by Consumers Union, publisher of Consumer Reports magazine and the Home & Garden blog.