$770 Billion in negative equity

Mark Zandi and Robert Shiller have released a report detailing the state of the troubled housing sector, and it isn't pretty. Here are the highlights:

There is almost $2.4 trillion mortgage debt for homes in negative equity, 19% of all U.S. households

The total negative equity is $771 billion, $234 Billion in just California

There are 4.1 million homeowners with more than 50% negative equity (they owe 50%+ more than their homes are worth), 672,000 in just California

Image Hosted by ImageShack.us

Image Hosted by ImageShack.us


Update: The raw excel (xls) files are attached to this post.

Subject Meta: 

Forum Categories: 

I've got the spreadsheets

I was making up the graphs but CR beat me to it and frankly is much better at Excel graphing than I am!

Pretty incredible isn't it?

zandi excel

Hi Robert, any ideas on where I can pick up the Excel?


Zandi Excel files

Seems there is YANB (yet another new bug) where the file attachments are not displaying separately.

I uploaded the Zandi Excel and you can get it here.

I started to graph out the data but then saw CR had already done it and Calculated Risk does much better graph than I.

Still, there is a lot of data missed by CR, including a map. I don't have mapping here, I was looking into it but moved on.

There are such obviously geographical "holes" in negative equity, and if you notice, no one really will talk about these regional "black holes" as to the reasons why. I suspect part of the reason no one will discuss it is demographics.

But data be damned, there they are, plain as the nose on your face.

If you actually graph out anything, I hope you'd consider a post on EP with the results.

midtowng caught this as I was debating on reproducing what would be identical graphs to CR, so the basic point of 30% of homes underwater was out there, loud, screaming nasty info.

What's with Zandi? He's pretty damn accurate on a lot of things and then, like Blinder, comes out with some political soup to make the politicians happy it seems.

He only missed the entire housing bubble I believe. Anyway this data is really helpful that he gathered.

ZeroHedge, has more graphs on negative equity


Nevada is amazing, what a bubble!

Then, Business Insider has a global housing bubble choke hold, with global housing market charts and graphs.

Actual Negative Equity

A smarter man than me pointed out that ACTUAL negative equity needs to include all costs of selling and buying/renting the next property, which normally would stretch to 6-10%.

You do that and those numbers look a whole lot worse.

What's the secret to reading

What's the secret to reading the Excel data? I can't figure out how to extract it from the XML. Thanks.

It's in excel 2007 format