National Mortgage News and the Quarterly Data Report recently finalized their 3Q rankings and the evidence remains clear: the dollar amount of outstanding mortgages in the U.S. is continuing to shrink, not by a lot mind you, but the trend (for now) is downward. At the end of September, Americans owed $9.807 trillion on their loans, down from $9.894 trillion at mid-year. Housing debt peaked at $10.138 trillion at the end of 2009. Why is mortgage debt falling? The answer appears simple: consumers are defaulting on loans and entering foreclosure, taking those mortgages out of the equation. But there also appears to be a growing number of home owners who are paying down their debts. If only the Federal government would emulate consumers…
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