There is a 99.999999% chance that your house is worth less today than it was last year. In fact, nevermind, there is 100% chance of that! The housing market is FALLING, and houses are going down in value every time another house in your neighborhood FORECLOSES.
In most cities there is more home inventory available to fill demand for 9 months to a year, and we haven't even hit full throttle yet. The nation's biggest bubble markets are as follows: FL, CA, MI, NV, AZ, CO, MN. Crime and Looting is already happening in hundreds of these neighborhoods because of the increase in home foreclosures, vacancies and poverty.
Stop making payments on your mortgage today. Yes, your credit will be trashed for 7 years. So what!!!
Credit Cards & Loans will not be as available as they are today. MANY big banks are seizing up and most likely insolvent (worse than '87 S&L crisis and crash). The entire credit and FICO score systems will cease to exist or become completely irrelevent. The only way to get credit will be through a loan shark at the rate of 25-40%. Transactions will be conducted in CASH, CASH ACCOUNTS, GOLD, SILVER or BARTER (OR A NEW CURRENCY SYSTEM INTEGRATED WITH THE NATIONAL ID CARD, AND EVENTUALLY A RFID CHIP IMPLANTED IN YOUR BODY CONTAINING MEDICAL RECORDS IN ADDITION TO FINANCIAL AND PERSONAL INFO).
This week the US reported the first ANNUAL decline in home prices since the statistics began in the 1960s, and in all probability, since The Great Depression!
THIS IS NOT OVER. Here is a video of the housing market charted on a roller coaster track.
House prices will continue to decline for the next 5-10 YEARS, and if you're underwater NOW, you're going to be MORE UNDERWATER in a couple more years.
YOU WILL BE A DEBT SLAVE UNLESS YOU ACT NOW TO STOP IT!
CUT YOUR LOSSES AND RENT A HOME/APARTMENT.
You can either default the debt NOW, or LATER, after throwing even more money down the mortgage money pit. But either way, as the economy contracts and your job comes under stress, if you're upside down you're in even more financial trouble.
Better to take the pain RIGHT NOW and cut off a finger rather than losing an entire LEG in a year or two! SAVE YOURSELF, and if you do not act, then you will have thrown away valuable money you could have otherwise held on to.
Call up your mortgage company today and say "Foreclose me. ... I'll live in the house for free for 12 months, and I'll save my money and I'll move on." (LA TIMES ARTICLE).