Reply #61: Think that family has a $150,000 house with $100K mortgage?

[Festivito]

Net worth: NEGATIVE $50,0000.

Except their house just went down in value to $100K.

Net worth: NEGATIVE $100,000.

In my area, $100,000 homes sell for $20,000 now, if you can get that. Ugly houses.com now says THEY WON'T EVEN MAKE AN OFFER IN MY AREA ANYMORE.

Value of American family of three: House: $50,000 if lucky. Debt: $150,000. Government debt: $100,000.

Net worth: NEGATIVE $200,000 living in a $150,000 house now worth $50,000 before closing costs and incentives to buy it.

That's what they have to show for their hard work and $50,000 down payment.

Glad I have no family at this moment.

Of course, I'm so depressing, I can understand why I have no family at this moment.