One of the newest trends in mortgage foreclosures is the "strategic default," where an owner abandons the home and simply stops paying the mortgage company, even though the owner can afford the monthly payments. Owners do this because the home has declined so much in value it becomes pointless to pay off a 30 year mortgage on a home where the owner will never recover his investment.
McClatchy posts details about this trend.
We are less directly affected by these strategic defaults here in Central PA, as market prices are somewhat more stable than in other areas of the country.
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