Quote:
Originally Posted by MarchHare
Does anyone have any stats regarding what percentage of mortgage defaulters during the housing bubble were low income versus middle class? I can't say for certain either way, but I seem to recall reading a story a few years ago that indicated that the bulk of the people walking away from their homes were middle class Americans with jobs who foolishly bought homes beyond their means (after the low introductory interest rate was jacked up).
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People arn't walking away from the houses because they are beyond their means, they are walking away from them because they have a mortgage of 250,000 on a house now worth 50,000.
Most of them can make the mortgage payments but what's the point.