Boston area homes are expected to gain $10.8 billion in value during 2010, a stark contrast from the $1.7 trillion expected to be lost nationwide, according to a recent analysis by real estate website Zillow.

Homes nationwide are expected to lose more than $1.7 trillion in value during 2010, which is 63 percent more than the $1 trillion lost in 2009, according to analysis of recent Zillow Real Estate Market Reports.

Locally, home values gained $4.6 billion in 2009. The total estimated home value in the area in 2010 is $531.9 billion, according to Zillow. Despite the good news, home values are down $105.4 billion since the market peaked in June 2006.

The bulk of the total value lost nationwide during 2010 was in the second half of the year. From January to June, the housing market lost $680 billion. From June to December, Zillow projects residential home value losses will top $1 trillion.

Less than one-fourth (31) of the 129 markets tracked by Zillow showed gains in total home values during 2010. Like Boston, San Diego’s metropolitan statistical area (MSA) gained $10.2 billion in 2010.

"Despite a strong start to 2010, by the end of the year homes lost more of their value in 2010 than they did in 2009," said Zillow Chief Economist Stan Humphries. "Government interventions like the homebuyer tax credit helped buoy the market during the second half of 2009 and the first half of 2010, but we saw a renewed downturn in the last half of this year. It’s a testament to the nearly irresistible force of the overall market correction that government incentives can only temporarily hold back the tide, and that the market will ultimately find its natural equilibrium of supply and demand.

"Unfortunately, with foreclosures near an all-time high in late 2010 and high rates of negative equity persisting, it does not appear that the first part of 2011 will bring much relief."