Once again it's all about greed and the sense of entitlement. The "I deserve this house, neighborhood, lifestyle, etc." attitude has sunk a lot of people nationwide. Too much Mtv and keeping up with the Joneses has bitten them in the behind. I would guess a lot of them have no or negative equity and can't afford to cover the loss plus closing costs.

Whatever happened to living below your means and not buying what you can't reasonably afford?

I wish they would hurry up and see the writing on the wall and give the houses back to the bank so I can buy a house with my 20% down.

It's not always living beyond your means. If the market had stayed stable, it shouldn't be a harrowing experience to purchase a home (within your means) and then sell in 5 years without losing money when you get transferred. We purchased our home VA, which is not exactly an irresponsible sub-prime move, but you do purchase for less than 20% down. I'm simply hoping to sell without owing money because the value has gone down.

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