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.
Actually only a first mortgage is non-recourse in Ca. Refinances, seconds and HELOCs are recourse. HELOCs are callable too.
