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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (25581)	12/2/2004 8:45:30 AM
From: GraceZ	Read Replies (1) \| Respond to of 306849

Mink has played some first class btches, but alas, I'd pale in comparison playing in one of her roles. I'm not surprised you know George (my most favorite brother-in-law) because George is one of those people who knows just about everyone and is loved by all. He's in Rome for a year, having won the Prix de Rome* (although they don't call it that anymore) but he said something on the phone about a short trip back to LA this month. Give him my best if you see him. BTW the honest way to approximate how much equity the houses with mortgage debt have, is to use the "knowns" and simply divide the debt by the number of houses we know have mortgage debt. I get 7.1 trillion in mortgage debt attached to 1-4 family homes, the latest data I can find is 3rd Q 2003 so let's add 10% (expecting the same growth as the previous year) to get 7.8 trillion. gpoaccess.gov There are approximately 123 million homes in total x 60% (100%-40% owned free and clear), or 72 million with debt. That gives us an average of around $108,333 in mortgage debt per household with debt. Now we still don't know how much equity those houses have but at least we have an accurate picture of how much of a lien there is, in average. Obviously it isn't evenly distributed, with some percentage with negative equity (zero down FHA loans or those with recent 80/20 loans or 110% HELOC) and others with a tiny portion of debt left (my rental property with 6k left on the mortgage). Feel free to check my math, or correct my figures for either debt or number of houses if you have a more recent source. For those of you who are interested in who holds all this debt: gpoaccess.gov