Short Sale, Foreclosure and Strategic Default

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Sunday, December 27, 2009

Upside Down Homeowner stats

"Roughly one in every seven mortgages either was past due or in foreclosure by the end of the third quarter—the highest delinquency rate in the 37-year history of the Mortgage Bankers Association’s National Delinquency Survey. Two factors are expected to drive delinquencies even higher next year: Underwater homeowners and unemployment. Nearly one in four homeowners currently owes more on their mortgage than their home currently is worth, and additional job losses could mean more borrowers will be unable to meet their mortgage obligations."

from the California Association of Realtors weekly email

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