Paramount
Just got back to town. These well employed people arent the primary reason you are underwater. The market collapsed because liar loans were made to people that had no business buying homes. They didnt have the income to pay back their loans at 0% interest and were relaint on continued appreciation.
When the market stopped going up these were the first people to bail and I saw it all over the more affordable communities in SoCal. This pulled the values down sharply to a point that well employed folks found themselves underwater a few hundred thousand dollars that they didnt have or knew they had non-recourse loans. These people arent pea brains they are making educated business decisions to avail themselves of their legal options in the contracts they signed. One of those options is I dont want the house so you can have it back.
When they go to rent a house they want something nice and have the income to pay for it. They are not getting handouts.
For these folks it has nothing to do with entitlement. They want a nice place to live and can afford to pay for one. If they made stupid mistakes it was buying into an overpriced market. If you are going to call them that I have no problem there. Just make sure to look in the mirror and call that guy stupid too.
