Recent reports show that people who are in a strategic default and therefore not paying their mortgage help economy more than the struggling homeowners. It may be good for consumer spending but mortgage lenders will not be impressed with the outcome.
Apparently, people struggling with their mortgage can not go out and spend money as they are really concerned with their month to month payments. On the other hand, people who are intentionally defaulting their mortgage seem to enjoy long mortgage and rent free periods as mortgage lenders can not foreclose those properties fast enough. Those people seem to enjoy their freedom from mortgage payments by going out spending more money on shops and restaurants.
It may be understandable that those people have finally made their mind about their home and somewhat relieved just for the sake of coming to a conclusion. They may feel that they have been wasting money on that underwater mortgage and neglecting themselves. As a result they might justify hitting the shops to burn the extra cash that they seem to be having in their pocket for the time being.
Likely that the economy should not count on the homeowners for a long time to come. Many Americans would not be easily hitting the spending button until they reduce their debt to an acceptable level. Everyone is on the edge of foreclosure nightmare it seems. Recent surveys show that more than half of Americans are seriously worried that they might lose their home in some stage in the near future. This is a real concern for everyone involved including shopping malls.
Recent low mortgage refinance rates seem to do little in the way of reducing debt and worries, even though refinance applications are pretty high. Some homeowners might still be holding their breath for a super low rates yet.
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