If people are upside down on their mortgages, some of them are going to walk away. Forget about affordability. If you're fairly certain that your house is never going to be worth the mortgage, and since most people can barely think five minutes ahead, it can seem reasonable to leave.
And, the deduction on mortgage interest in the US is not as useful as you think. You can only pick your standard deductions or the mortgage interest deduction.
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