>>I wonder... if the bank won’t take your house back, what prevents you from just moving back in?
Nothing, I suppose. But a lot of these houses were not being bought as primary residences, but as “investment properties” to own for a short time and make a killing on the “fact” that real estate always goes up in price. That didn’t play out so well.
Cleveland was one of the biggest non-coastal homes of the sub-prime debacle. If you look, there are a number of news stories about all the problems there.
There, fixed it. Cleveland is on the coast of Lake Erie.