Monday, December 20, 2010

Good. More people willing to walk away from their underwater homes.

If the results of this study are true, and I hope they are, more Americans are willing to walk away from their mortgage if they feel it's worth less than they paid for it.

Nearly half, 48 percent, of homeowners with a mortgage said they would consider walking away from their home if they owed more on it than it was worth, according to a Harris Interactive survey released this month. The survey was conducted in November for real estate listings site Trulia and foreclosure research firm RealtyTrac.

Just six months ago, a similar survey indicated that only 41 percent of consumers would consider walking if they were underwater on their mortgages.

Americans and pundits can complain forever about how our political leaders aren't looking out for the interests of middle class Americans, but things aren't much going to start changing around here until Americans stop binding themselves with some sense of economic morality that rarely seems to apply to the ones at the top.

No comments: