Should the Obamas walk away from their million dollar mansion? Should they short sell?
With the recent decline in housing prices, the Obamas' Chicago mansion could be worth less than the value of their mortgages.
In mid 2005, the Obamas purchased their dream home for $1,650,000 in Chicago's Kenwood area. Since then, real estate prices have dropped considerably and their mortgages may be underwater like millions of other Americans who bought real estate before the housing bubble burst.
But hey. If you would have read my post in 2008, you would have already known that he received a sub prime mortgage in the first place.
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