68% of home owners in metro Phoenix have negative equity (Chandler: renting, condo)

[EnicAZ]

Originally Posted by artvandelay

It isn't a shirking of responsibility, unless you squat in the house or destroy it. You have the legal right to vacate your home and return ownership to the lender if you fail to pay. You have known consequences for doing so, and you deal with them.

As many are finding out, the consequences of trying to stay and throwing good money away is also an undesirable option. It is something each individual needs to make case by case.

[PheenixJobless]

Originally Posted by EnicAZ

As many are finding out, the consequences of trying to stay and throwing good money away is also an undesirable option. It is something each individual needs to make case by case.

It's something which has to be considered. And with 68% of all homes here underwater, it looks like there will be more walkaways and declines.

The ending of government support for the housing market is especially problematic.

[observer53]

Originally Posted by EnicAZ

One also has to consider the cutting back of government funding for the housing market. It is at an all time high right now, and the direction can only go lower.

"Cutting back. . . is at an all time high . . .and the direction can only go lower." I think I am getting dizzy. And, the direction CAN'T only go lower, BTW.

Originally Posted by PheenixJobless

It's something which has to be considered. And with 68% of all homes here underwater, it looks like there will be more walkaways and declines.

The ending of government support for the housing market is especially problematic.

PJ- There's an echo in here. Do you have something new to add?

[1999corvette]

I just finished a short sale on my home of 5 1/2 years, it was my first, payed 190K for it, it sold for 81K with the upgrades I did to it, including a 3500.00 back yard with trees, nice rocks, plants, and grass, border for grass, and irrigation.

I now rent in the same area for 500 less a month than my old mortgage, and the rent house is atcually a little nicer!

[khuntrevor]

Reminds me of my Townhouse. The previous owner (before the bank) was a designer for Robb and Stucky. She paid huge attention to details--flooring, cabinets, plumbing fixtures, paints, lighting--only one problem--she didn't pay enough attention to her mortgage.

[Captain Bill]

My mortgage is higher than the current value of my home, which we bought in 2004.

I didn't want to sell it in 2006 and 2007 when the value was higher, and I don't want to sell it now.

We're in a real estate cycle, coming out of a recession, and the value will come back.

[BestintheWest]

Love the positive spin. Wonder how long some can wait for a turn around.

[SnakeSafetyQuestions]

I try to think of the continuing price decline crisis as an opportunity for the area to reinvent itself. Instead of trying to rely on housing, which has proven itself wrong time and time again, we could begin building sustainable industries and invest in export creation.

[alphamale]

So what.

If you committed to, let's say $2,000 per month mortgage, what does it matter if the house has $100,000 equity or $100,000 underwater?

[MotleyCrew]

We just sent our friends off, back to CA where they found jobs. They had one of the nicest homes on the street and spared no expense on the luxury backyard they put in. She called last night to tell me that their home had 4 offers, one over the asking price in just one day on the MLS. That is pretty good news I would think. Let us hope this starts moving in the right direction soon.