[quote=jpinpb]Not to go back to the stealth/shadow argument, but my friends made the decision to stop paying many months before they listed. That was their intention once they saw they couldn’t flip. So they stopped paying long before they listed for short sale. So, I understand once it’s listed, it’s active and not stealth, but they never got a NOD in the preceding months (3-5) of listing while they were not paying. So technically stealth, no? And so of course calls me to question how many other similar scenarios are out there.
In any case, clearly the government is doing everything possible to prop the market up. And so the questions is can they continue until we surpassed peak prices and people can flip again? I mean, you know, even w/inflation and wage inflation, it will be quite a doozy to see places jump up to 2006 prices again. I would think that would take a little while, not overnight.
So in the interim, many will still be upside down.[/quote]
I don’t think the Gov will be in the game of prop up once they see things are flowing (economy and all) and I don’t think that will necessarily mean homes must be at peak prices. Or even that close. Sure there will be people under water for the next 5/6 years, but I don’t think the Gov will be in the game that long.
