Bookmark this site
When Mike Choi, an engineer living in the New London, Conn., area, bought a three-level townhouse in 2004 for $183,000, he wasn’t worried about the real estate market.
He was 24, had a good engineering job, and could easily afford monthly payments on the mortgage he took out with no down payment. But six years later, his home’s value has fallen to the low $150,000s. Choi, now 29 and with an MBA, feels restricted in his job hunting because moving elsewhere would force him to sell his home for less than he owes on it.
So he is doing what millions of Americans are doing these days: He’s getting used to living life “underwater” — the real estate industry’s term for a property worth less than the outstanding mortgage on it.
Read more from MSNBC
