Some Sacramento homebuyers walk away from big loans - Sacramento News - Local and Breaking Sacramento News | Sacramento Bee: "It's become a familiar question in the Sacramento region's real estate market. Some borrowers stop paying the mortgage because they can't afford it. But many who can afford their payments have decided it's no longer worth it. They walk, or, as is becoming the trend, park rent-free in the house for months until they get the boot."
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And these are mostly expensive homes where the owners make a rational calculation to walk away from their mortgage obligations. Are we headed for another wave of foreclosures, with more repercussions for banks, neighborhoods, and community associations? The article says that "this situation is extremely common in places like California, Florida, Arizona and Nevada." As Fred Pilot notes, this is "the heart of Privatopia."
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