Mortgage Defaults at Extreme Levels
Mortgage levels are at an ever high level of 1.5 million, an unprecedented number never before seen. But some analysts are saying these defaults are strategic, scheduled to take advantage of assistance programs being offered by the government. From tax discounts of up to $8,000, or the elimination of the mortgage cancellation tax, it all helps to get people into homes even in this financial crisis. The figures however are only for the first half of the current year, and with more defaults expected to come uncertainty is the only certainty in this recession wrecked world. For those who may be thinking of buying new homes, mortgage rates are at their lowest, making homes more accessible to more people.