OK,, Thank you for the update. I didn’t have those figures.
I was guessing.
On City-Data it also states that
Housing units in structures:
One, detached: 530,430
One, attached: 98,101
For a total of 628,531.
It is unclear as to the date that this is accurate, and how many new homes have been added since that time.
Your point is taken, however I still believe that plenty of people have plenty of equity.
I still don’t see that 17% were leveraged to 90%. You are assuming that every one of those 123,000 was ??
What month is that 123,000 through ? Recent sales haven’t dropped as much.
In any case, well over 80% probably don’t have any problem.
Over 95,000 homes have no mortgage at all.
I am as big a bear as anyone, but I think this is why the market hasn’t/won’t tank overnight and will probably bottom out at a level higher than what most of us are thinking it will or should.
Affordability will always be an issue and looking forward only well qualified buyers will be able to originate loans, but there will always be creative financing with AITD’s and owner carrying as necessary to maintain a free market AND there will be people buying that cannot afford them long term, but want to get in as they are afraid of missing out.
We don’t disagree, it’s just that it’s impossible to know exactly how bad things will get or really are.
