How much mortgage debt is nearby within the USA?
Given all the worries about credit surrounded by this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households within the country, with 70% of them owned residences. Let's say in attendance are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a terrifying $14 TRILLION of mortgage debt in the USA. If just 2% defaulting, the amount of bad home loans is $280 billion. It could obviously be much better.
Does anyone know what total mortgage debt is per household and in total? This is a real problem that could destruction the economy.
Answers:
I don't know the numbers, but it is an astronomical amount.
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Does anyone know what total mortgage debt is per household and in total? This is a real problem that could destruction the economy.
Answers:
I don't know the numbers, but it is an astronomical amount.
Related Questions:
Can I procure a unusual mortgage w/a Tax Lien?
Help! Is it possible to get a new mortgage beside a tax lien on credit file? We manufacture over $300k a year and are coming out of a financial mess we got in w/a fruitless real estate market contained by Colorado....