Charles Smith at Seeking Alpha has an interesting post estimating that the number of people living in their homes but not paying their mortgages -- people
“„14 percent of the approximately 52 million residential mortgages outstanding in the U.S. were delinquent in the first quarter. This amounts to 7.3 million mortgages. Only 5.5 percent were on nonaccrual status, however. This amounts to 2.9 million mortgages. Nonaccrual means the lender is no longer posting income on the loan. Depending on the length of time the loan has failed to accrue, foreclosure proceedings may have already begun (with eviction to follow at some point), but not necessarily. Assuming that all loans on nonaccrual status represent vacant properties, it means at least 4.4 million (7.3 – 2.9 = 4.4) are occupied by people who are not paying for them, for whatever reason. This number has increased by 3 million since the end of 2007.