How Much Mortgage Debt Is There In The Usa?
Posted by admin on October 3rd, 2009 at 04:59am
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.
Under Mortgage
1 Comment for How Much Mortgage Debt Is There In The Usa?
1. PrimeCon | October 3rd, 2009 at 5:35 am
I don’t know the numbers, but it is an astronomical amount.
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