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Real Estate Briefing - Categorized | Finance, Mortgage more

Americans shed mortgage debt at record pace

Posted on 16 May 2011

Americans are reducing mortgage payments at a record clip, directing cash that once went for debt into consumer spending and savings. Low interest rates, defaults and refinancings have shaved more than $100 billion off the nation’s annual mortgage bill — an amount comparable to all unemployment benefits for one year or this year’s Social Security payroll tax cut.
“This is a form of economic stimulus that goes to Main Street rather than Wall Street,” says Nicholas Carroll, a journalist on consumer finance and author of Walk Away From Debt for a Better Future……………………………………….Full Article: Source

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