Word: mortgagees
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Up to 26% of U.S. homeowners who stop paying their mortgage may be doing so intentionally, not because they can't make the payments but because they don't want to put money into a house that's worth less than what they owe. That finding, from a paper by...
The paper's authors caution that their statistics are not exact and should be taken primarily as an indication that there is a looming problem, one that needs to be addressed. The 26% figure comes from a series of consumer surveys that feed into the Booth Chicago/Kellogg School Financial Trust...
What is not clear is how the survey results map onto what is actually happening in the U.S. today. It is true that in some areas of the country homes have lost half their value. It is also true, according to data aggregator First American CoreLogic, that there are five...
More recently, Foote and his colleagues have studied patterns of mortgage nonpayment, and found that in certain states there is a disproportionate number of people who suddenly stop making payments and never try to catch up. This, they surmise, might be an indication of walk-aways - as opposed to struggling...
Buying, though, is different from conspicuous consumption. At the string of big-box retailers north of town, a few miles before city streets fall away and the horizon takes over, shoppers leaving Kohl's and Best Buy and Shoe Carnival are carrying bags - but not huge ones. In plenty of...