Leaving North Las Vegas no option for many 'underwater' homeowners

[Liberal_in_LA]

Leaving North Las Vegas no option for many 'underwater' homeowners

In parts of North Las Vegas, more than 80% of homeowners owe more on their mortgages than their homes are worth. Staying is expensive, but many can't afford to move.

Charles Mills can barely afford to stay here. But he also can't afford to move.

That's why the 44-year-old heavy-equipment operator was preparing to leave his wife and young daughter here and go where he could find work — the Oklahoma oil fields. Mills has a mortgage to pay, even if its size pains him.

He purchased his house in 2006 for $308,500. Current value: $105,797.

"We talked about it: What can we do with the house?" Mills said. "Nobody's going to buy it. Nobody's going to rent it. If we walk away, my credit's shot. We're stuck."

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They're considered the new normal here. They turn down higher-paying jobs elsewhere because they can't move. They tidy the yards of houses left vacant by foreclosure. They realize it's unlikely their children will receive tidy inheritances from the sale of their suburban homes.

http://www.latimes.com/news/nationworld/nation/la-na-underwater-homeowners-20110531,0,6176564.story

[nichomachus]

1. If you don't make enough money to pay your mortgage

Your "credit" is pretty much shot to begin with. And defaulting on your house is less damaging to your credit than defaulting on credit cards.

[damntexdem]

2. Sold a bill of goods by our "economic leaders," and stuck with the result.

And the victims are the only ones in trouble over this.

[LynneSin]

3. Ouch, I was pissed my house is worth about 15k less then what I bought it for

I couldn't imagine that kind of drop in housing price

:cry:

[damntexdem]

4. When you pop a bubble, it gets real small real fast.

No real drop in value, just in price.

[Newest Reality]

5. Let's all pitch a tent

in observance of the "recovery"!

Actually, that would be an interesting, symbolic form of protest, ey? Buy a small, pup-tent and pitch it on your lawn with a sign ;)

[Deep13]

6. Jesus, file bankruptcy already.

Chuck it and fuck it. Credit is for putting yourself in debt. Don't risk your marriage for a fucking bank.

[KamaAina]

7. Bush* made it harder for people to do that

not corporations, of course, just the "little people". :eyes:

[Deep13]

8. Yes, but they can still do it. nt