Thanks for posting the link, a very informative presentation. I’m surprised nobody’s chimed in yet.

Question: Slide 19 claims there are $4 Trillion in excess mortgages. Is he saying that $4 Trillion dollars of debt in the mortgage market has no corresponding asset in the real world? In other words, due to shrinking real estate prices, housing collateral is $4 Trillion short of outstanding mortgage debt.

Slide 22 is interesting, too. 12 years to absorb the current excess inventory means housing prices are going to flounder for a long time. But I think we all kind of new that already.