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Homework answers / question archive / Explain why it is illogical to dismiss the possibility of a home's current value dropping below its original purchase price
Explain why it is illogical to dismiss the possibility of a home's current value dropping below its original purchase price. A phenomenon that occurred during the Great Recession of the late 2000s was homes that were "underwater," where people took out mortgage loans to buy a house at a particular price before the recession, but later the home's value dropped below the amount still owed. People might argue that a home's value should never go "underwater," that the value of a home should never dip below its original purchase price as long as the home has not deteriorated sufficiently.
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