Credit Card offers- Onile savings account- personal insurance » Worries http://www.cashorcredit24.com Find answers for all your financial problem Fri, 29 Apr 2011 17:58:04 +0000 en hourly 1 http://wordpress.org/?v=3.1.2 How much mortgage debt is there in the USA? http://www.cashorcredit24.com/how-much-mortgage-debt-is-there-in-the-usa http://www.cashorcredit24.com/how-much-mortgage-debt-is-there-in-the-usa#comments Wed, 16 Jul 2008 01:28:37 +0000 admin http://www.cashorcredit24.com/how-much-mortgage-debt-is-there-in-the-usa mortgage
PrimeConcern asked:


Given all the worries about credit in 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 in the country, with 70% of them owned residences. Let’s say there 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 scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.

Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.

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