At Calculated Risk, Tom Lawler, a real estate economist and former risk policy veep at Fannie Mae, tries to figure out how many people have actually lost their homes to foreclosure, short sales or deed-in-lieu desertions. The answer: Not enough. Lawler (who is now living the life of Riley on a Virginia farm) says the number of foreclosures that have been completed so far is a drop in the bucket compared to the number of loans that have gone bad….
Via Coming Soon: A 300-Percent Increase in Foreclosures – Hit & Run : Reason Magazine.
Note that most people don’t default because they’re unemployed, or because they’re among the working poor. See, Bogus Unemployment/Default Connection Is Bogusly Bogus – Hit & Run : Reason Magazine.