Buyers Default as Home Value Falls

By GlobeST News Portal

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CHICAGO-Experian-Oliver Wyman Market Intelligence Reports had found out that 350,000 Americans had strategically defaulted in 1H09. Strategically defaulting or intentionally stop paying mortgage, regardless of one's ability to pay, can be detrimental and have long-lasting impact on the ability to secure a future loan.

The study also found that people with the best credit scores were highly likely to strategically default. Strategic defaulting was mainly spurred as home values fell less than what the mortgage buyers were paying for it. For the full story, go to Chicago Tribune.

Categories: Midwest, Residential, Capital Markets, Analysis, Chicago