Number of Home Foreclosures Drops, but Risk of Delinquency Deepens - NYTimes.com: "“Are foreclosures going to drive another wave of defaults?” Mr. Blecher asked.
The reason people walk away from their loans in so-called strategic defaults is because they owe so much more than their home is worth. The more the market goes down, the more people are placed in this unhappy position.
In a third housing report released on Thursday, the data firm CoreLogic said the number of households with negative equity fell slightly in the second quarter to 11 million, down from 11.2 million in the first quarter.
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Friday, August 27, 2010
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