Average value of mortgage defaults?
We’ve been hearing a lot about increases in foreclosures. And I’ve been hearing that we’ll all have to share the pain of solving this mess. That even if I did the right thing by not overextending myself , family and friends are liklely in jeopardy and I should hope the governement bails them out. I’ve also heard that this credit situation took advantage of lower income people. A lot of people I know feel like it’s the McMansion set that have been defaulting.
Does anyone know what the average and median value of the mortgages that foreclosed in 2007?
May be I wasn’t clear. I’ve found the rate and number of defaults but I’m wondering what the average value of the default loans. i.e. are they $ 100,000 loans or $ 200,00 on average.
And whats the median? Are half more than $ 200,000. I’d like to know who is suffering to determine how I should feel about bail-outs.