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11 million households
Ted Rudow III, MA
Nearly 10 and 11 million households now have upside-down mortgages, and for the first time ever, mortgage debt is bigger than the total value of homeowner equity [cash invested]—bigger by $836 billion. Even if a small fraction of these borrowers were to default on their mortgages in the near future, either because of negative shocks to borrowers’ ability to pay or due to strategic defaults, it could result in another sharp decline in home prices and impede the ongoing recovery in the housing market.

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