I have never seen this phenomenon as prevalent in the marketplace as it is today.
Many homeowners are just packin' it in and abandoning their property.
WOW!
From my point of view we have two distinct categoies.
We have the homeowners, and we have the houseowners, those who bought houses for investments. I do hope you can recognize the difference.
Homeowners:
The homeowners bought properties for themselves and their families. While it may seem corny to some, they were reaching out for a piece of the American Dream. Going for the brass ring, so to speak. And, they got it, or so they thought. At the time of their purchases they were all smiles. They just couldn't be happier.
How things change!
Now, for many after struggling mightily and trying every way possible, they have given up. Yes, they might have refinanced once, or acquired an equity line to make payments and save their home, but their intentions were honorable. They suffered through a moral dilemma, and agonized over what to do, until they realized that they were out of options, and left.
There is another group of homeowners walkin' away who didn't suffer through any moral dilemma. They lived in the property, they used the equity in the property to live off, they sucked it dry, and now they are walkin'. It's their decision and their conscience.
Houseowners:
Also known as investors. Some bought as many properties as they could. It's just business they say. They're underwater and can't afford to carry the homes, so, so long, we're outta here. See you on the upside. I have two problems here. One is that some of these investors actually made quite a bit of money flipping before the market caught them. They didn't save any, and what they now have they are doing everything they can to hide someplace. The second problem is that many don't know or don't care about the effect that they are having over everybody else.
Okay, there are also many decent people who invested their savings and lost, and had/have very could intentions and just can't do anything about it. For them I do have some compassion.
So, how will this all play out.
Don't Know. We'll have to wait and see.
But for some the word is;
I'm walkin', Not payin'
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