[quote=briansd1][quote=mydogsarelazy]I read the article this morning and found it well done. One thing that is pointed out is that some observers are surprised that more underwater homeowners haven’t yet walked away.
In the coming years mortgage fatigue will wear down many more people. What this article describes is a trend that is really the beginning of a slow melt.
JS[/quote]
I agree. I said the same thing before when it was sacrilegious to even mention it.
Bankers thought that people would sacrifice everything just to keep the house. It turn out that it’s the opposite. People will pay for their cars, dinners out, movies, cable TV, clothing, etc.. before they pay the house.
It’s a new cultural phenomenon; and I’m sure that sociologists and economists will be studying the implications of mortgage walkaways for years.[/quote]
Yup, and here’s another thing, which someone else mentioned above: They see banks getting bailed out, and they see those same bankers collecting record bonuses. Many of these people, might normally try to stick it out, but see the bailouts and the good times rolling on for banks, and decide its time for them to get some relief. For many, that relief comes when they walk away.
