In 2017, as U.S. home values finally recovered from a post-financial crisis swoon and marched back to record highs, Meghan Downes put her house in Las Cruces, NM, on the market.
Although her list price of $205,000 was less than what she had bought ten years earlier, she had no buyers. dr. Downes, an economics professor at New Mexico State University, lowered the price to $195,000. Still no offers. She rented out the house for hundreds of dollars a month less than her mortgage payment, and resigned herself to shouldering the financial burden until the market fully recovered.