Avatar Posted by Wieczorekjack 806 days ago - Average Rating: 5 with 1 vote(s) (http://knol.google.com)
Category: Business | Tags: san diego real estate home mortgages
A recent research report from the University of Chicago?s Booth School of Business and Northwestern University?s Kellogg School of Management reports that of the large number of mortgage defaults across the country, 26% were what they call strategic. This report defines strategic as one in which the mortgage default was a calculated, done by homeowners who have the money to make the payments. The owners decided that the homes negative equity position indicates to them it would be economically wiser to let the property go back to the lender. According to another nationwide study, 22% of all homeowners had negative equity positions during the first quarter of 2009. This means the homeowners owed more on their mortgage, than the current resale value of their homes. In some parts of Southern California, Nevada and Florida, it?s speculated that more than half of all homeowners now have negative equity. To view the full article, please visit: http://knol.google.com/k/bob-schwartz/when-it-pays-to-let-them-foreclose/3imm48dqye6u3/11#
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