Even though we owe more money on our mortgage than our house is now worth, we have discovered a positive side to plummeting house values that include a huge reduction in our property tax bill.
(I am thinking, if I am the home owner, should I sell the house or hold it? If I sell it, I have no more house but still owe bank money. Maybe I shall keep it and close two eye to pay the installment every month.)
According to Zillow.com, half of homeowners who purchased their home in 2006 owe more than their home is currently worth. For people like us who purchased in 2005, the percentage underwater of people who are underwater in their homes is 42 percent.