More homeowners selling houses for less than they owe

Seattle Times ^ | October 7, 2003 | Kristina Shevory

[ProudEagle]

The mortgage wasn't the problem here. Incredibly poor money management was.

Took the words right out of my mouth. I'd bet a paycheck most of them were in Visa debt up to their eyeballs and had mortgages they couldn't afford even when they were making money.

We've survived just fine thank you, even after losing a job last year and being employed again at 1/3 less salary we're doing just fine ourselves thank you. Because we bought smart and thought ahead. And what a piss poor excuse, lose your job and get into financial trouble, so throw the marraige and kids away...gee, can you spell L-I-B-E-R-A-L?

[Cicero]

I was about to post this article but searched and found you had gotten there first.

Yes, there's a huge housing bubble and record debt levels. No one knows when it will burst, but burst it will, sooner or later.

You may be prudent, but many of your neighbors and fellow Americans are not, and if they go down the tubes it will suck in everybody else.

So, it's a good time to work down your debts, if you have any. If there's a depression, then at least you will suffer only moderately along with everyone else, and not desperately.

And none of this is Bush's fault. It's the culmination of sixty years of foolish economic behavior.

[steve86]

Bump for the evening people.

[Hildy]

Read this very carefully...this is going to be California in the next two years. And people will not be upside down 20 - 30,000 they will be upside down over $100,000. Mark my words.