Does anyone have accurate data on the amount (percentage) of mortgage debt outstanding? Certainly the 70% figure is troubling, but how many homes were in that bracket (of all available)? There are many folks like me, I think, who bought many years ago and are a long way from being upside down. If some of those refi’d (again, as I did) but didn’t take out any of the paper equity, then the resetting shouldn’t be much of a problem.
We have a lot of antecdotal evidence, but when I look at Zip’s website and bounce it off Zillow’s data – it seems that an awful lot of the homes for sale have a ton of space between what was last paid (and the tax assessment) and the asking price. Again, I know that some of those might have huge seconds or refi’s – but do we know that for sure?
I’m as bearish as the rest, but wonder if we’re projecting the foolish decisions of some against the entire population.
