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Spending on mortgage interest payments and charges decreases from 2007 to 2009

Bureau of Labor Statistics: “Spending on mortgage interest payments and charges, a subcomponent of housing expenditures (the largest component of consumers’ budgets in 2009), fell from $3,890 in 2007 to $3,594 in 2009—evidence of the higher than normal default rate on mortgages, falling house prices, lower rates of homeownership, and declining mortgage interest rates over the period.”

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