I'm presuming nothing. Just stated 2 facts. Haven't seen too many facts in your posts.
You have stated nothing showing that the average home is mortgaged for less than it's worth, and that the average homeowner doesn't have debts which far exceed the equity in their home.
As opposed to you who have stated only feelings. Feel free. Go out there and find some facts. Post some links. We'll wait.
Facts which are irrelevant to you're conclusion.
For instance. Say total real estate value nation wide was 99$. And total mortgage value is 9$. And there are three real estate owners.
It can either be
Owner RE Value Mortgage
A 33 3
B 33 3
C 33 3
or it can be
A 1 3
B 1 6
C 97 0
Your data is insuffiecient to draw the conclusions you are drawing.