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Wave of Voluntary Strategic Defaults Coming: 20% Under water

14 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

Editorial Comment: Actually the number is far higher. We compute it as around 45% when all is said and done. First of all there is consensus that property values are actually around 15% less than seller’s are asking. Second costs of selling the home makes up the rest, taking another 6-10% off the selling proceeds. …

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No Help in Sight, More Homeowners Walk Away

6 Comments / bubble, CDO, Corruption, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud / By

New research suggests that when a home’s value falls below 75 percent of the amount owed on the mortgage, the owner starts to think hard about walking away, even if he or she has the money to keep paying. See the whole article in New York Times. Extensive discussion of the issue. It’s beginning to …

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