It’s not an easy emotional situation.
From a business standpoint without emotion it is.

If carrying costs are $4000 a month to own, and you could rent for $2000 a month, you start with $2000 upside down,
Thats $24,000 a year + lost interest. (perhaps the numbers are larger)

To people that say you will be happy in 5 or 10 years, you will need an increase of $125,000 to $250,000 just to be even, and that’s over what you owe, not what the house is worth today. IT MAY or MAY NOT HAPPEN.

You will also need $50,000 a year++ to maintain, which is currently not affordable.

Is it better to be a happy or content renter living an affordable lifestyle
OR
a miserable, stressed out homeowner with no extra money to enjoy their lives because they are a slave to their mortgage ??

Many people got caught in the myth, this mess is far, far from being over.

I truly believe that foreclosures will have a good chance of being overlooked in the future. The system will NEED home buyers. Even if that doesn’t happen, there will be ways to get back in to homes.