Underwater homeowners walk (swim?) away
Where do we start with the housing mess? Foreclosures hit record highs, as more than one million homes were seized and more than three million consumers received notices. Prices continued to drop, and some markets, like Miami, continued their slo-mo swan dive off the cliff.
Roughly one in four defaults was strategic, meaning the owners either walked away altogether or stopped paying on purpose to win a loan modification. It's going to be a long, slow stroke back.