No, but the dollar amount lost per house is probably greater on the higher end than on the lower end. Yes, there will be fewer houses in distress on the higher end because people were moving up with significant down payments from sales on the lower end, but I’m not sure how much of this equity is still left.
Also, I think we were more than halfway there in late 2008 as things were really beginning to accelerate, but with all the intervention since then, I think we’ve actually gone backward, and now have more unwinding to do (all over again). You’ll bring up the point that unwinding has taken place since late 2008, and you’re right. It’s just difficult to quantify how much benefit was gained vs. the additional burden that was added during the period from late 2008-present.
