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How do people know how much their homes are underwater?
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I keep hearing about housing in the U.S., and how home prices have crashed, leaving millions of Americans owing more money on their mortgage than their house is worth ("underwater").
What I don't get is how people know how much their home is worth unless they're thinking of selling it. Do you get some kind of assessment once a year? From who? How accurate is it compared to actual prices when sold at market? Why would it even matter if you're planning to live in a house for 20 years?
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