Mortgage defaults were greatest in geographic markets that had experienced the greatest run-up in real estate prices.

Name: Mortgage defaults were greatest in geographic markets that had experienced the greatest run-up in real estate prices.
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This is generally true as borrowers in these markets were more likely to have taken out mortgages with high loan-to-value ratios and variable interest rates, leaving them vulnerable to payment shock when real estate values fell.

Mortgage Defaults Were Greatest in Geographic Markets That Had Experienced