Are You Upside-Down In Your Home? - Grants Pass, Oregon
So you owe a lot more on your home than it's worth! This is a dilemma that many people are in right now, but it should not be a long lasting problem, and will not really affect anything unless you need to sell right now.
Many people get very panicky when they find their home value has plummeted, but don't let it create rash decisions! It's not like the market won't recover! It's not like having bought the new Suburban three months before gas went sky high.
Owing more on your home than it's worth (being Upside-Down ) is not good, but there is every likelihood that the market will soon recover. Not like my Enron stock. It said, "goodbye and don't bother to write" when it went down! It's not like a stock portfolio where you jump off, take your losses and re-invest.
More shares of stock can always be issued, but there's nobody making more land. We have all the land that's going to be made and if you own a piece, it will eventually be of a greater demand than it is today.
If you can find a way to stay in your home, by all means do so. Don't panic.
For those of us in Southern Oregon, we are fortunate because as soon as other markets recover, ours will be even stronger, as we are sitting in a very desirous place; this is where people want to retire!
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