On Dec 8, 2008, at 11:58 AM, Miles Jackson wrote:
> 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.
Because it feels like pouring money down a rathole - why not walk away and just rent? Also, no doubt many buyers stretched because they thought they were buying an appreciating asset that they could either flip or refinance. Now they can do neither, and with the job market sinking, the whole situation looks untenable.