American Homeowners are Sitting on Tremendous Equity and so Foreclosures are not Likely.
So many buyers and sellers are concerned with the current recession and closures of so many businesses that think we see many foreclosures like in 2008 and that is simply not the reality. As you also know 90% of all the mortgages in the U.S are backed by Fannie Mae and there is a 90 day moratorium on any foreclosures as well.
53.8% of all the homes in America have 59% equity.
37% of all homes in the U.S. are owned free and clear.
26.7% of all the homes have at least 59% equity.