[George Bieniaszek]

I read somewhere that around 40% of the homes purchased in TV are not financed but bought with cash so the possibility of homes being underwater here is much lower than outside "The Bubble".

Unfortunately, many people a few years ago were grasping at the American Dream of home ownership when the financially were not ready or capable to assume the debt. Banks and other lending institutions made it very easy with zero down payments figuring that the housing industry would continue appreciating in value every year. The market suffered a correction, just like Wall Street does from time to time, and jobs disappeared at the same time. Unfortunately, many families were caught.