how many distressed non-recourse loans are out there?
In 2005 and 2006 San Diegans bought around 100,000 houses and condos. 25-30% of those had no equity in their houses to begin with (zero down). Every single one of these is distressed and non-recourse.
The remaining buyers (mostly move-up buyers) made some real down-payments. These will start to shake out if their neighborhoods correct by 20-30% or more.
