Are people defaulting because of a strategic decision to do so, or are economic circumstances compelling them to do so?

(Source: Wall Street Journal)

New data suggest that foreclosures are rising in more expensive housing markets.

About 30% of foreclosures in June involved homes in the top third of local housing values, up from 16% when the foreclosure crisis began three years ago, according to new data from real-estate Web site Zillow.com. The bottom one-third of housing markets, by home value, now account for 35% of foreclosures, down from 55% in 2006.

Read Nick Timiraos’ full article “Foreclosures Grow in Housing Market’s Top Tiers” in the Wall Street Journal (October 13, 2009).

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