[PSYCHO-FREEP]

Some liberal states have taxes that nearly equal the amount of the annual payment.

It makes sense that if a home buyer was able to but one of these grossly over priced homes with no money down, merely finance the closing costs, (Like Fanny May) it makes sense that because the Market value is falling below the original loan high balance, simply walk away and file Bankruptcy. Then go back and do it again when the market becomes reasonable again.

[Uncle Ike]

" Then go back and do it again when the market becomes reasonable again. "

Well-and-good, assuming that there will still be lenders in existence...

This is not taking place in a vacuum -- everything is interconnected and intertwined, and how many strings need to break before(mixing metaphors) the whole house of cards collapses?

Remember that the stock market crash of 1929 didn't cause the "Great Depression" -- it was the subsequent collapse of the banking industry....

There are some really scary parallels here.....