One thing I don't feel the article addressed is that there is a range of being underwater, it's not binary. I bought after <i>most</i> of the deflation of value had occurred, but not entirely. I'm about 3-5% underwater right now. But abandoning my house (even if I was not concerned about the ethics) would still be bad, because percentage fees on getting a new one would eat my "savings" entirely. To say nothing of the beating my credit rating would take.<p>To really make it worth walking away you really have to be underwater by a lot. I don't think that 100% of the people who are underwater are down by 30% or 40%. Real statistics on that would probably be more helpful.