[lbo-talk] Obama defends Republic workers

[Miles Jackson]

Doug Henwood wrote:
>
> On Dec 7, 2008, at 11:14 PM, Joseph Catron wrote:
>
>>  What does the depreciation
>> of a home's value have to do with its owner's ability to continue
>> mortgage payments?
>
> It lowers the willingness, not the ability.
>
I have to echo JC: I don't follow.  My house has dropped in value about 
$40,000 in the past two years.  Because it's where I plan to live for 
many years, I could care less about the market value.  In fact, I've 
seen a bit of a drop in my property taxes, so my escrow payments are 
actually lower this year.  I don't get how this is lowering my 
willingness to make my mortgage payments.

Miles