“A survey by the Mortgage Bankers Association found that mortgages on properties that aren’t occupied by the owner — mostly investment homes — account for between 21% and 32% of the defaults on prime-quality home loans in Arizona, California, Florida and Nevada, states where overdue payments are mounting fast.
Defaults were high on both prime and subprime loans, those made to borrowers with shaky credit histories.”
but if you read the article, the graphs don’t track this.
the Subprime investors are losing faster then the prime speculators,
but, the prime ones match their market shares for 2005.
So I think the MBA is trying to spin this as just a minor speculator thing.
if i read the charts right, Homeowners are defaulting at the same rate
as speculators and that’s bad news for everyone.
.
