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homes underwater: Paying on an Underwater Mortgage May Create More Problems than it Solves - 11/01/10 09:01 AM
An interesting article in today’s LA Times describes how paying on an underwater mortgage may create more problems than it solves. And while we often speak of the moral hazard of “strategic default,” there are also hazards to staying and paying.
 
If we honestly analyze the consequences, we may realize that ignoring the problem of negative equity harms all of us and only hampers our chances at recovery. In another POST I describe a possible solution and why negative equity must be addressed.
 
The Housing Guru: The expert source for all your housing questions—now featuring daily updates of Today’s … (5 comments)

homes underwater: Trapped—How The Housing Crisis Impacts Employment - 06/03/10 06:02 PM
With approximately fifteen million homeowners owing more on their home than it is worth, employers are finding it more difficult to transfer or recruit from other areas of the country. Held captive by mortgages that are near or exceed their home’s value, large numbers of workers are turning down promotions and forgoing job offers that would require the sale of their home.
 
Companies unwilling to make a substantial contribution towards a “relocation package” may find themselves limited to local talent; but some have begun to adjust their policies to reflect the reality of a housing market going nowhere. An article … (12 comments)

homes underwater: Punishing Foreclosure Victims Only Continues The Pain For All Of Us - 01/17/10 08:08 PM
While news stories, articles, and blogs continue to be written about “Strategic Default” and how those facing foreclosure shouldn’t be allowed to walk away or have their mortgage balance reduced, punishing foreclosure victims only continues the pain for all of us. The problem we face isn’t one of a few hundred or even a few thousand who carelessly spent beyond their means; this issue touches tens of millions of U. S. homeowners, the majority of whom acted responsibly, and with the knowledge available to them at the time. Most thought they were making wise choices.
 
How can we blame the … (262 comments)

 

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