It might start that way, but 15 years down the line you will have invested a lot in that house. There is an ideal rate of home ownership relative to economic growth unfortunately the US is well pass the optimum with far to many people owning when it's a poor economic choice for them to do so.
PS: What's missing from much of this analysis is you can have positive home equity but the transaction costs of buying and selling a home put you into the red.
In most states, mortgages are non-recourse loans, meaning that in effect the bank has to eat any losses, if you choose to play hardball. If they foreclose on the house and repossess it, the loan is considered settled, and they can't attempt to collect the difference, even if the house is worth less than the value of the loan was.
Pfft. I thought that was just California. One would think that that would have encouraged them to underwrite a little better.,, And who the fuck would rate any tranche of non-recourse loans AAA?
How long does it stay on your credit history (officially)?