Who's Really the Idiot?
Apparently I brought down the thunder when I penned my article Why Are Homeowners Idiots?
The article was inspired by a paper by the University of Arizona's Brent White and a treatment of that paper by U of Chicago's Richard Thaler in the New York Times. There have been plenty of comments on the article, but I'm curious what the rest of you think. Is it crazy to think that homeowners should think of their home as an asset? Or should even those that are severely underwater and have no hope of regaining equity any time soon continue paying down their mortgage?
All thoughts are welcome...