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The Rise and Fall of US Mortgage and Credit Markets

Of the approximately 80 million houses in the United States, 27 million are paid off, while the
remaining 53 million have mortgages. Of those households with mortgages, 5 million (or 9 percent)
were behind in their payments and roughly 3 percent were in foreclosure as of mid-2008.

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From the Milkin Institute:
Rise and Fall of US Mortgage and Credit Markets Excerpt

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