Unless you're planning on selling so what.



It's not so much the relentless skid as it was people using their homes as an ATM. I saw people that were refiing every year and pulling cash out to buy shiit. I'm glad the piggy bank is try for some people. It's a good lesson for them.

Some mortgages will have balloon payments or rate adjustments if they're underwater.

And when did the term become "underwater"? I've always heard it as "upside-down".

Well if you live in Houston or New Orleans...

I have heard underwater... I thought upside-down was for stuff like automobiles.

It is just homes have never really been underwater in our lifetime... So I guess the term never gets used.

or as my kid says....up-a-side down

When I read the title, I thought this was about a big East Coast Tsunami...

Exactly. Too bad no one will be honest enough to point that out when we start hearing how the government must "do something" and politicians make horrifying comments like "we should let judges change the terms of peoples' mortgages".

Western NY living +1

And add credit card debt into that sandbox that huge numbers of people play in...(insert head-shaking smiley).

http://www.indexcreditcards.com/creditcarddebt/

Yep. From the banks who lent it, to the people who signed their lives away, they should all suffer the consequences of their stupidity. Bailing them out only assures they will do it again.

And let's not forget the idiots running the show in Washington. From failure to ensure proper oversight to idiotic legislation like the "Community Reinvestment Act", they certainly did their share to help create the problem.