The chatter about underwater homeowners “just walking away” from their debt deafens us at various intervals during this recession (here’s the latest from 1/7/10), and it’s hard to deny the rationale for walking away for certain specific cases. But recent favorable data can, just like negative foreclosure data, cause sentiment to change—in much the same way the mood changes when a great song that you haven’t heard in ages comes blaring into your dome. Your mood, no matter how dire, lightens and you feel that positivity and hope that things might not be all that bad. So this installment of bTunes is dedicated to all of those people who’ve seen that the latest home price data show six months of improvement. The Foo Fighters’ I’ll Stick Around is just the message—and mood-lightener—you need right now.
It’s one of their best songs, and while some might dismiss it as too mainstream because it was also one of their biggest hits, it was so for a reason: people loved it and the open market rules the day, as any underwater homeowner knows all too well. The open market ruled the (most likely) leveraged manner in which they acquired the home and it rules the manner in which that home’s value falls and rises. So take a music break and think it through before you walk. Consider that six months of improvement could very well be a trend. Consider that there are loan modification options that evolve daily as banks face reality. And consider that maybe, just maybe, a bottom is near … and that maybe you’ll stick around.
[iTunes] [Amazon MP3]