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And like I said, you need to pick different terms to describe what you're trying to say. Asset has two definitions, one is the accounting notion the other essentially means "useful/desirable". For example, "Jim is a real asset to the team". A home is an asset in the first sense, not the second. Nobody thinks having an underwater home is useful or desirable...
It's still an asset. Not a liquid asset, as it really has no liquid value until it's sold. But as a physical thing you own, it's an asset. The mortgage is a liability, even if you ow les than the house is worth.
You seem to think the asset is the DIFFERENCE between what you owe and what the asset is worth at the time. It is not. And just like your inane use of "trim" you can't just make up crap to suit yourself and be able to carry on an actual conversation with adults.
It's still an asset. Not a liquid asset, as it really has no liquid value until it's sold. But as a physical thing you own, it's an asset. The mortgage is a liability, even if you ow les than the house is worth.
You seem to think the asset is the DIFFERENCE between what you owe and what the asset is worth at the time. It is not. And just like your inane use of "trim" you can't just make up crap to suit yourself and be able to carry on an actual conversation with adults.
No, I understand that 'in the accounting book' a 150K House is in the asset column, with a 200K morgage in the Loss/Debt column.
However, in the 'real world' (As opposed to the 'accounting world')
The Morgage and the house are inexorably connected. Yasee, with a morgage, you DON'T OWN THE HOUSE.
You AND THE BANK own the house.
All you own is your Equity IN the house.
And when you DON'T HAVE ANY... You have no asset.
Think you own your house that your $50K underwater in?
Try to sell it without the bank 'letting you'
House is an Asset but is it an asset to the individual who bought the house? It can go both ways.
Its an asset to whoever owns it, that would be the individual that brought the house.
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