The media is killing the housing market. People are walking away from their homes for all the wrong reasons now!

When people listen to the media they start believing all the "Doom and Gloom".
Many continue to listen to "Housing Reports" and start thinking "Maybe i should walk away from my home".
It`s happening more and more.
Yesterday I saw it up close..
I went to a listing appointment in Hollywood, Florida where the home in question was purchased 5 years ago.
The seller purchased the home before the market went off the charts! Their mortgage is $1250 per month.
The couple who own this home told me they "No Longer" want to continue with the mortgage payments.
They called the lenders asking them to "Take back the home"..
They believed the market would tank further, in their minds it`s easier to walk now before it`s too late.

It`s not good sound logic, yet these people were under the impression "The Sky was falling!"..

The Conversation is as follows:

Me: You owe $99,000 on your home. Why go into default now?
Sellers: We watched our home drop almost $130,000. It`s not worth keeping anymore.
Me: You bought the home for $140,000, it`s beautiful.
Sellers: Yeah, we`re watching the TV, we`re afraid the prices will drop even more!
The economy appears to be heading into the abyss.
Me: You have a very inexpensive mortgage. What do you think you can rent a home for?
Sellers:We don`t really know,but we`re afraid of what might happen.

Everyday across America people tune into the news. The media pundits on TV like Jim Cramer encourage people to walk for all the wrong reasons.
If you`ve ever watched Cramer speak it appears he`s on heavy medication.
Yet, they allow this "Talking Head" to scare the daylights out of people.
Naturally Cramer isn`t the only one.

People believe what they hear more often than not! They worry about the chaos of the world and sooner rather than later it hits home.
In the case of these sellers, it`s hit them right where they live!