Unfortunately, home prices are starting to plummet once again in many areas of the country. And just like during the last housing crash, we are also seeing a surge in foreclosure filings. That doesn't mean that this current crisis is going to look exactly like what we experienced the last time around. But nobody can deny that there are a lot of alarming similarities between what we are going through now and what we went through during the days of the Great Recession.

According to Zillow, 53 percent of all homes in the United States have lost value within the past year…

More than half of homes in the U.S. lost value over the past year, marking the highest share of properties to depreciate in more than a decade.

Research from Zillow revealed that approximately 53% of all U.S. homes have lost value since last year, up 14% from a year ago. It's notable given that a share this big has not been seen since the tail end of the Great Recession – around 2012 – when home prices and household wealth started a meaningful recovery.

This is good news, but it is also bad news.

The good news is that prospective homeowners are finally getting some relief.  Home prices have soared in recent years, and this has priced many potential buyers out of the market.  A correction was greatly needed, and we are finally getting one.

The bad news is that prices are falling so quickly that some homeowners are now underwater on their mortgages.  We all saw what happened in 2008 when that started happening on a widespread basis.

So we need home prices to come down, but we don't want them to come down too rapidly.

Unfortunately, some of the markets that were extremely hot a few years ago are now being hit extremely hard…

Many of the biggest drops are in once-red-hot pandemic boomtowns. In Denver, 91 percent of homes have fallen from their peak value. It's 89 percent in Austin, and 88 percent in Sacramento.

Florida has been hit hard too: more than 80 percent of homes in Jacksonville, Orlando and Tampa are now worth less than they were a year ago. Dallas and San Antonio are also seeing declines of more than 85 percent.