Where Have All Our Houses Gone

But, what happens when property regains much of its former value? Will the tax and spenders cut back the tax rates? Not bloody likely! Instead, they will enjoy raking in even more revenue, and they will further expand entitlement schemes. Meanwhile, those who walked away from their upside-down mortgages will find rents climbing and realize too late that they should have just stayed in their homes and paid their mortgages. With bankruptcy on their records, they sure won't be able to buy a new home any time soon, and by the time they can, property values might just price them out of the market. If you're upside-down, just gut it out and be happy you have a roof over your head.