The downside to all this, when housing goes down people can’t refi if they have negative equity. So while it’s not an official loss you can be limited on borrowing power, which means for people like me with 6.5% rate and less then 20% equity. Good chance I wouldn’t be able to refi until economy improves and interest rates climb. I live in a pretty good spot in CA where I doubt prices would go down more then 10% in any type of correction but for people putting down 3%-5% good chance they’ll be in negative equity