Borrowers who purchased properties solely for investment purposes may be more likely to default in this situation; indeed, the Mortgage Bankers' Association has found a disproportionate share of serious delinquencies are associated with non-owner-occupied properties in some of the states with the highest increases in delinquencies.
A recently released study by the Federal Reserve Bank of  1  Reuters/University of Michigan Survey of Consumers, November 2007. BIS Review 146/2007  1  Boston attributes most of the recent rise in foreclosures in Massachusetts to declining house prices. 2 Borrowers who have lost their jobs, not surprisingly, may have difficulty meeting their mortgage payments.