Many traders follow an index of credit default swaps that tracks values of subprime debt.

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They did not have exposure to the incredibly high default rate and the sharp decrease in home values.

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That 20% statistic tells me home ownership values have changed dramatically for those on the verge on default, but not for the financially stable homeowners still managing to stay on top of their monthly mortgage payments.

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This is planning by default, or immobility, in which creative initiatives are not taken, and few professional or architectural values survive.

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