Joey the upside down homeowner

Comment: More from the Star Tribune article cited in the previous post.

Millions owe more on their homes than homes are worth

Excerpt:

Joey Goldner always approached real estate with a gardener’s zeal. He’d plant his money in a building, patiently care for it and watch its worth grow. For 30 years, it was a brilliant avocation — right up until the heavy thud of the housing market helped flip Goldner’s mortgage upside down.

Facing debilitating health problems, Goldner refinanced his Chicago-area home repeatedly, only to wind up with a $729,000 mortgage on a house that eventually sold for $450,000.

In real estate circles that’s called being underwater — owing more than the value of a home. Goldner is just now coming up for air.

“I kept refinancing it to pay the mortgage,” he said. “I kept hoping the market would level off. I never imagined this would happen.”

Comment: From the comments - "I think most people agree that this nation is financially illiterate". That's it!