Have You Paid More into Your House Than it's Worth?

If you added up the payments you've made on your home, would they add up to more than it's current value?

The Sacramento Bee says many people in the region have done just that.

"Hundreds who bought homes just six years ago have already made enough payments to buy their homes outright at their current values," writes the Bee's data wizard, Phillip Reese. "Almost all of those payments, though, have taken the form of interest. These same residents often still owe about twice what their homes are worth."

Reese looks at Zillow.com home value data and says an average Rosemont homebuyer in 2005 would have paid around $343,000 for a home. If that person put 10 percent down on a 7 percent, 30-year loan, he or she would have paid around $177,000 by now–on a home currently worth just over $140,000.

Rosemont real estate agent David Yaffee, , said the article shows that for those buyers, it doesn't make sense to keep paying.

"To me there is nothing about this article that would encourage a homeowner who is trying to hang on to keep trying," Yaffee said in an email, adding that few people in 2005 put down 10 percent when buying a home.

Rosemont, does this describe you? How did you decide whether to keep paying or walk away from your home? Tell us about your situation in the comments below.