strategic default: On CNBC discussing negative equity and strategic defaults
- 05/10/10 09:07 AM
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strategic default: Strategic Defaults (aka "Walking Away") are OK
- 05/10/10 03:34 AM
I've kept mostly silent on this blog about a very important issue affecting the housing market -- strategic defaults. This is the phenomenon where a homeowner, so deeply underwater on their home, decides to stop paying the mortgage and let the bank foreclose upon the home. Some estimates say that this describes as many as 1 in 5 foreclosures, which is very scary considering that housing data shows around 23% of mortgage holders are now upside down on their home, and 0.11% (1 in 1000) homes in the US were foreclosed upon last month. Well as you can imagine, I have
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