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Should you walk away from your home?
June 5, 2009 - Sylvia Heldreth
These are confusing times for homeowners who have mortgages that exceed the current value of their homes. The average value of a home in Cape Coral was approximately $268,000 in December 2007; $162,000 in December 2008 and $151,000 in April 2009, although estimates do vary.
Many homeowners owe more than the current values of their homes and are tempted to "walk away".
Aside from the complicated issues of credit ratings and ethics, some Cape Coral residents are advising that the end of the crisis is near and homeowners should just sit out the storm. There were 500 real estate sales in Cape Coral in January, 693 in February and 723 in April. Is the end of the downturn in sight or is this the end of prosperity in Cape Coral for the time to come?
What do you think?
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