So, what percentage of people facing foreclosure are investors, and what percentage are homeowners?
It varies, according to location, apparently.
(No data on Massachusetts, but my guess it’s on the lower end of the scale. We just didn’t have a lot of speculative buying, here.)
According to data released by the Mortgage Bankers Association:
In California, the MBA estimates, about one in five purchase loans 90 days past due or in foreclosure was used to buy an investment property or second home, as opposed to a primary residence. The numbers are even higher in Nevada (32 percent) and Florida (25 percent).
And, what’s wrong with that?
Investors are much more likely to walk away from a home if property values fall than folks who live in their homes …
Source: Walk or stay? – By Matt Carter, Inman News, quoting the MBA delinquency survey
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