I have an ex-girlfriend in the same position. Last I talked to her, I think she was underwater on a house to the tune of $150,000. (Hey, don't blame me. I warned her.) She won't walk away from the property because just like the Las Vegas homeowners, she doesn't want her credit ruined.
These are the people that do everything right. They don't lie, cheat or steal. They aren't Austrian economists, so they don't understand the business cycle. When house prices were going up, the conservative thing, in their eyes, was to buy a house, since houses "always go up in value." They didn't understand it was a Federal Reserve manipulated scam.
And now, when the mantra, "houses always go up in value", sounds like a bad scratchy record, played on an old Victrola, they are stuck because they don't want their credit ruined. They won't just walk away from an obligation they took on.
Thanks to the Federal Reserve and their mad manipulations of the money supply, it is very difficult to make long-term plans the way conservative people would like to do. They are the ones that get screwed.
Instead of long-term conservative planners ruling the roost, it is the Age of the Hustlers.
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