Underwater Homeowners Walk Away to Stay Afloat
By: Jim Axelrod, CBS News
June 16th, 2011

MIAMI - Bob and Julie Sistik's American dream is now in boxes after choosing to do what was once unthinkable - walking away from their mortgage. they paid $700,000 for their house in Miami in 2005 - a stretch for a firefighter and a secretary - but in the old superheated housing market, they qualified CBS News correspondent Jim Axelrod reports.

They could afford the big mortgage for a few years until Bob got hurt on the job and was out of work. By the time they tried to sell, the house was worth less than half of what they'd paid for it.

So a year ago, they stopped paying their mortgage. It's called "strategic default" - people with no hope of ever breaking even on their homes no longer try.

"I've totally failed" Bob said. "it's really difficult to not do what I said I was going to do."

US Housing Crisis is Now Worse Than Great Depression
By: Jeff Cox, CNVC.com Staff Writer
June 14th, 2011

It's official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression.

Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data.

Born and raised in West Texas, I have attended both South Plains College and Texas Tech University. I have been married to my beautiful wife for over 25 years and have two wonderful kids. I have invested in real estate for over 15 years and own single family homes and multi family properties.
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AJW Properties, Inc.