No Surprise : Foreclosure Rates Seem To Trend With Real Estate Speculation and Regional Job Losses

RealtyTrac published its Q3 2007 foreclosure statistics today and the data paints an interesting picture about the nature of home loan defaults. Of the Top 10 MSAs in terms of Foreclosures Per Household, eight represent areas in which real estate speculation was rampant in 2002-2006, and two represent areas whose local economies have been decimated by job loss. In other words, when it comes to mortgage defaults, sub-prime loans may be a symptom, but they're certainly not the cause. If...

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[Source: The Mortgage Reports Blog]