Sorry!! The article you are trying to read is not available now.
HOT TAGS:  

More Homeowners Opting for 'Strategic Defaults'

Print comment Post Comments
IF YOU WALK AWAY, I WILL FOLLOW
"Underwater on their mortgages and angry at banks, more borrowers are choosing to hand over the keys, even if they can afford the payments," the New York Times reports. "Nearly one-quarter of U.S. mortgages, or about 11 million loans, are "underwater," i.e. the houses are worth less than the balance of their loans. While home values are regaining ground -- median prices rose 10% in Southern California last month to $275,000 compared with a year earlier -- they remain far below the July 2007 peak of $505,000. Many homeowners are just coming to grips with the idea that prices will take years to reach the pre-crash peak: as long as 14 years in California, according to economist Chris Thornberg."
SOURCE:   L.A. Times

TICKERS