presumably you are suggesting that the fact such a small % have mortgages makes us immune from large price falls?
I would ask yourself two things:
1) who says many houses need to be sold at reduce prices to affect the market? A share can fall 10-20-50% with only a few % of those shares changing hands. Same applies to housing
2) what % of houses in the US/UK/Ireland/Spain etc had mortgages when their bubbles popped?
