Reference no: EM132323739

Can you please help explain why is it illogical to dismiss the possibility of a home's current value dropping below its original purchase price phenomenon that occurred during the Great Recession of the late 2000s was homes that were "underwater," where people took out mortgage loans to buy a house at a particular price before the recession, but later the home's value dropped below the amount still owed. People might argue that a home's value should never go "under water," that the value of a home should never dip below its original purchase price as long as the home has not deteriorated sufficiently.