Good points! There is a percentage of families caught up in this mess that just had bad timing… they were at that place/time in life with family & job that happened to purchased at the wrong time – during the bubble. This is the group more likely to opt for staying in a home. I agree with your view though – it just enslaves the homeowners to keep the mortgage paid and little additional incentive. If I was in that situation I would have to realistically look at other options. The future comp analysis in these areas will be interesting.
