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My $200,000 home is now worth $100,000. But I cannot sell it for $100,000 since my mortgage is $150,000.
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And yet I live a half-hour away and my $200K home mortgaged for $210K has risen in value to $300K in the last 3 years.
And the only way I could afford to stay here was through a crappy high-interest ARM.
I am very thankful they decided to loan me money. Of course before they did they sent out their guy to look at my place and my neighborhood and put a value on it.
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You shouldn't have been stupid enough to buy a house that you couldn't afford. Shame on you.
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This is correct IMO. The price paid every month didn't change. The value of the house did, but this is what happens, and a house is a long-term investment.