As reported by Stephanie Armour in USA Today, the next wave is poised to roll in, potentially undermining housing recovery efforts as more homes add to the glut of inventory and drive down prices. These homes largely represent loans that are delinquent but have not yet resulted in foreclosure sales. About 7 million properties are [...]
Strategic defaulters put downward pressure on values
November 9, 2009 By 11 Comments
Sadly less than 20% of all homeowners facing a foreclosure situation choose to list their house for sale. The mortgage unit of Citigroup says one in five borrowers who defaults does so willingly, even though they’re able to pay the mortgage. “It’s a very large number, and it’s a very, very significant risk to the housing recovery,” [...]
