Nationally, 34 percent of foreclosures are strategic defaults, according to a September, 2011 survey by the University of Chicago.
If a person with a past foreclosure has waited 3 years and has at least a 620 credit score, they can qualify for an FHA home loan. For VA loans, it is only a two-year wait.
The strategic defaults started gaining popularity about 3.5 years ago. People who have strategically defaulted have normally been home owners who can afford homes. They are now entering the home buying market again as homes are inexpensive and rates are cheap.