[Cicero]

(UT)? When I was marketing last year and a little prior for real estate (sub-prime) this never came up. People thought they had finally gotten into a position to afford a better home or a new home, when they in fact were not able to, but were approved. They could not afford what they were sold. Bottom line. But they were sold.

We worked with a lot of people just getting by, and shoving large families in what they thought they could afford at the time.

The market is also different down here. You get a broom closet for 200,000 and you are doing great...It's 1200 a month to rent a sub prime property so people thought they could buy cheaper and pay less, and they did. They could afford no substantial increase as they were already strapped. They thought they could save by not renting. All the rich white folks drove up all the prices and renting became outrageous. Buying a nasty shack was cheaper for all us poor folk that can't afford 1250.00 a month in rent. So they bought houses to fit their family in for 800.00 a month mortgages instead. At the time it seemed like a wise choice for them to invest and not spend so much on a rental they could not afford.

Long story long. They defaulted because they thought it was a more practical choice and one they could live by (more economical, can buy groceries too).

I am sure some people are doing what you imagine. Defaulting when the value dropped. I just haven't heard from any that weren't just ass out broke.

That's just how I see things on the local level. I almost fell for it and let my husband talk me into too. I did not. Thank god.