I’m not sure I believe them; this is a prisoner’s dilemma game, and people will choose to maximize their personal outcomes – that’s what got us into this mess.
From DS News
Nearly three-quarters of economists surveyed said they would continue making their mortgage payments even if they were deeply underwater, Zillow reported Thursday. In Zillow's Home Price Expectation survey for June, 71 percent of economists said they would not choose strategic default, even if they owed at least 40 percent more on their mortgage compared to the home's current value. The industry experts were also questioned on their position concerning a government-sponsored program to forgive principal for underwater homeowners. Seventy-two percent said they opposed a principal reduction program, while 28 percent were in favor of one. » Read More
SUNIL SETHI REAL ESTATE