USA Today: More people walking away from mortgages
USA Today has this report today: More walk away from homes, mortgages.
A snippet:
“The most disturbing aspect of this is that it’s becoming acceptable to do,” says Joel Naroff, an economist with Naroff Economic Advisors. “What does that mean down the road for housing and the economy if people are happy to walk away and destroy their credit? They’re saying, ‘Why pay a high amount if they can get something, even a rental, for less?’ “
Yes, I find that trend a bit disturbing myself.
My husband and I waited a long time before we went into the housing market. It’s a good thing we picked a home that will last us well into retirement – because it’s worth a lot less now than what we paid for it.
And we’re planning to stay put.
Would you like another way to deal with tight finances and leave your housing situation intact? I’ve got a collection of tips at the Downsized Budget series.
Posted: November 3rd, 2009 under Financial crisis / recession, Foreclosure, In the News.
Comments: none
Write a comment