(from Fed report mid 2008)
Net national mortgage debt in 2007: $10.5T
Net national mortgage debt in 2008: $10.6T (estimated)
Net national housing value in 2007: $20T
Net national housing value in 2008: $19.7T (estimated)
Then we get this:
http://www.usnews.com/blogs/the-home...sing-bust.html
Now of course the far above and the Zillow data are not the same source, but if approximately similar, that means net national home value is now around $14T while net national mortgage debt is probably still over $10T.
Or, another 20% loss in home values vs. peak means net national home equity equals ZERO!
Net national mortgage debt in 2007: $10.5T
Net national mortgage debt in 2008: $10.6T (estimated)
Net national housing value in 2007: $20T
Net national housing value in 2008: $19.7T (estimated)
Then we get this:
http://www.usnews.com/blogs/the-home...sing-bust.html
The declines mean that U.S. homeowners lost a cumulative $3.3 trillion in home values during 2008, with much of that loss coming in the fourth quarter. Homeowners lost $1.4 trillion during the fourth quarter alone; more than the $1.3 trillion lost during all of 2007. Since the housing market's peak in 2006, $6.1 trillion in home values have been lost.
Or, another 20% loss in home values vs. peak means net national home equity equals ZERO!