Bubble or no bubble, a property is worth what the market will pay for it at the time of the sale; no more, no less. If you bought a house for $350 thousand and nobody will pay you more than $250 thousand now, you are not owed $100 K. Yet Republicans and Democrats continuously voice the quaint and vacuous idea that an owner whose mortgage is worth more than his house ought to be compensated somehow. Ditto declining property values.
You don’t have a property title in the perceived value of your property. Nobody does. Suck it up.
Recall, during the first evening press conference of his presidency, Obama had forewarned of his intention to “help homeowners that are suffering foreclosure or homeowners who are still making their mortgage payments, but are seeing their property values decline.”
