Millions of American homeowners are underwater facing the loss of their home, causing devastating effects on the national and local economy. But when a homeowner decides to walk away from his or her home, is that a sign of crisis or a shrewd move?
This article digs deeper into the decision to 'walk away' from a home that is 'under water',or owing more on the loan than the home is worth. Is it a sensible choice, e.g. are there better ways to spend one's income? Turns out it may be as much a generational issue as it is an economic one.
From the Fresno Bee: "The latest generation of homeowners views real estate differently than their fathers and grandfathers. "Up until this decade, people bought a home because they wanted a place to raise their kids," Kane said. "They wanted good neighborhoods, good schools."
"Now, however, "What was an American dream became an asset to trade," he said. "There's no emotional attachment to an investment. ... And the older generations are perplexed by that attitude."
Thanks to AARP News
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City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research