More Americans walking out of bad home deals

04/18/2008 | CNBC

Americans are increasingly quitting their mortgages and homes once they learn they owe more than the property is worth. This continuing wave of home defaults means a longer and deeper credit crunch and a downward spiral for home prices. Almost 11 million homeowners will have zero or negative equity by the end of June, or 21% of first mortgage holders, said Mark Zandi of Moody's Economy.com.

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