Youth Say Mortgage Default "No Biggie"


News flash! People under age 30 are ruining the world, so says yet another generation. This time, they turn to the mortgage crisis as proof. The Wall Street Journalnotes that youngsters under 30 are less hung up about walking away from an underwater mortgage.

That's because "defaults may be more common with the younger set (under 30) that didn't grow up with the pay-your-mortgage-before-everything-else mentality." Or maybe, as John Burns, president of John Burns Real Estate Consulting continues in the article, "This generation is more likely to view owning simply as an investment."

Hear, hear, good old man.

Exhibit A: the paper tells of an unnamed 26-year old from Las Vegas who put no money down on a $250,000, 4-bedroom, 1,400 square foot house in 2007. This January he spotted a nearby home with the same floorplan plus a pool and guesthouse - for $100,000, and so moved out and gave his first home "back to the bank."

Perhaps enviously, the WSJ mentions the freedom of being unattached and notes that at this age relocating into a rental "isn't a big deal." Friends: this is what's known as a "generation gap" here...