Disturbing Mortgage Trend

It seems that lately I keep talking to people who are ready and willing to walk away from their mortgages and face foreclosure - I can't blame them. Last year we all faced rising insurance rates coupled with higher property taxes. That, along with the fact that here in Florida many of us are in businesses that are affected by the real estate market so we've had to go through 1 - 2 years of a seriousely depressed market. Today I spoke with one person who had an invesment property that has been for sale for well over a year, she is now dipping into her retirement savings to make the mortgage payment. We both agreed that there will come a point - sooner than later - when the retirement money will be more important than the condo and she says that when that time comes "the bank can have it back." Another person has her house up for sale because her husband is being transfered, she has it priced well below market and is even willing to take a loss to sell it but it no one is even looking at it. I myself saw a nice house for rent close to mine that is on a canal with a boat dock for half of what I pay for my mortgage, and the lawn and pool care are included! Oh, too just call the landlord when something needs fixing.....! Right now home ownership is overrated!