09/12/2022
As I mentioned in my last reel 60% of California homeowners have over 50% equity in their home. Go check it out of you haven't already.
Here is a map showing what percent of homeowners have over 50% equity in all the states.
What this tells me is that regardless of the recession we won't be having a mortgage crisis like we did in 2008 so we won't have a flood of foreclosure homes hitting the market.
Rather than foreclosing, California homeowners will just sell their houses and take whatever equity they have. They are not going to just give the bank hundreds of thousands of dollars if they fall on hard times.
