Just a quick riposte to some general comments: Today’s article in the Daily Press was not written to elicit sympathy nor stir negative feelings. In searching for similar experiences, the article simply stated some facts and some of the realities in today’s real estate market. My husband and I knew the risks when we bought our home. If you read the article, I believe you will see we have and will make some hard choices in the immediate future. I am not complaining—it just is.
With that in mind and in response to one of the more specific comments in a previous post:
I am sure most military families are not “complaining” and most military families I know would never expect the taxpayers they serve to bail them out. Raising a military family is tough! What makes things worse is the rash of foreclosures nationwide, driving market prices and appraisal values downward. As a result, most military members live in quiet desperation for the exact reasons you state, or strongly imply; rather than ask for any assistance. This will drive some unique choices given the military lifestyle and there are unintended consequences or second- and third-order effects. These are the stories I am trying to capture. I would agree–there is always some risk when military families purchase a home in an attempt to create some equity and establish a sense of ‘permanency’ for their families. Home ownership is a complex issue for a military family. I will write more about this (and other issues) in subsequent posts.
Williamsburg Military Insider 