Reply to What I don't get: When people complain that they are drowning because their house is underwater

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Reply to "What I don't get: When people complain that they are drowning because their house is underwater"

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[quote=Anonymous][quote=Anonymous]I just don't buy the emotional component.

A house is an investment.  If you stay in it long enough, it is bound to bring back some kind of return, but who knows what.  I personally feel worse for the people who lost 80% of their retirement funds b/c of the stock market.  So many companies have declared bankruptcy and the equity goes "poof" - good bye.

At least people who invested in real estate still have something to show for it.  You just need to wait it out longer.

Some of you just come across as spoiled brats ("I wanted to move in 5 years and now we can't move without bringing $25k to the table...").  Please....get over yourselves. If you really want to move, do what I did - save AGGRESSIVELY and put 20% down on a new house and rent out your other home.  Rental prices are pretty good right now.  You just need to actually save money.  The added benefit will be that you have - 20 years down the road - a nice rental property that you now own outright...[/quote]

You're being shortsighted.  Most of these people aren't talking about bringing $25k to the table; it's much, much more than that, plus realtor fees, plus a down payment, plus closing costs, etc.  And renting out the property isn't much of an option when you'll take a huge loss every month on the rent.  Again, you're assuming too much by assuming that people aren't also saving aggressively.  I don't know how much you make, but it's going to take us quite a while to save $80k-$100k.  I'm the "we're being patient" poster so I get your point, and, if nothing else, this has been a huge lesson in patience (and will continue to be for the next 5+ years), but, frankly, what you are suggesting would be a dumb financial decision (for us anyway). We're trying to do what is financially responsible and that is why we're stuck in a too small TH.[/quote]

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