Articles tagged with: strategic default
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With house prices going nowhere in 2011, many expect strategic defaults to continue or increase.
House prices in south Florida are at 2003 levels which leaves a huge percentage of homeowners underwater (owing more than their house is worth).
Last week The Wall Street Journal reported on a family in Sacramento who bought their house for $256,000 and now a similar home on the same block is going for $80,000. Their interest only loan is set to increase from $1600 a month to $2200. Little wonder they are planning a strategic default.
They …
