[CA Conservative]

Ok, you walk away from a $1,500 mortgage payment so you can rent a $1,500 a month apartment?

Okay, out here in CA most of them walk away from a $3000 mortgage payment on a 3 bdrm 2 ba to a $1500 rent payment on a 5 bdrm 3 ba (or something similar...)

[svcw]

Ok, I was just using myself as an example. I am in Santa Barbara. Just bought a condo (1380 sq ft) and my mortgage/HOA/property taxes, utilities included are $1975. To rent a comparable apartment my rent would be $3250 plus utilities.
I really do not know where you can rent a 5/3 house for $1500 in CA.

[SeaHawkFan]

Okay, out here in CA most of them walk away from a $3000 mortgage payment on a 3 bdrm 2 ba to a $1500 rent payment on a 5 bdrm 3 ba (or something similar...)

Plus no property tax, home owner's insurance (of course, one should have renter's insurance) or repair maintenance expenses.

Walk away and save that $2,000 or so per month, and have close to $50,000 for a down payment in two years at about the time the real estate market will be near the bottom. Have $50,000 to put down; no lender will avoid making a loan.