Tuesday, March 9, 2010

Strategic default on homes on the rise

At a time when one in four homeowners is underwater, and 2 million more Americans have gone through foreclosure, the thought of defaulting on a loan is becoming less taboo. In fact, many homeowners are taking a cue from high-profile investors, who have walked away from multi-billion dollar real estate investment projects, and choosing to cut their losses, the San Francisco Chronicle reports.

Foreclosure and delinquency rates remain high, a Treasury official said in prepared statement Monday. And though there are signs of recovery in the housing market, the federal government still has a lot of work ahead of them, he said.


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