Strategic Defaults and the Foreclosure Crisis. Nearly 1 in 4 borrowers currently have negative equity, according to First American CoreLogic.

January 20, 2010

The number of so called “strategic defaults” more than doubled, to 588,000, from 2007 to 2008, according to a study by Experian and Oliver Wyman. A separate 2009 survey found that more than a quarter of all existing defaults were strategic.

Nearly 1 in 4 borrowers currently have negative equity, according to First American CoreLogic.

Nearly 10 percent of mortgages are now delinquent–which is also a new record–even more homeowners appear headed for foreclosure this year. “A massive supply of delinquent loans continues to loom over the housing market,” RealtyTrac CEO James J. Saccacio said in a statement. “Many of those delinquencies will end up in the foreclosure process in 2010 and beyond.”

http://finance.yahoo.com/news/Strategic-Defaults-and-the-usnews-2190373684.html?x=0&mod=loans

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