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Another problem is mobility and people not doing their homework. A lot of the folks in deep doo doo around here are new to the area. They didn't know diddle about the area, the local economy, the tax base. Now they're stuck with places they can't unload without taking a bath. Sigh.

52-"They didn't know diddle about the area, the local economy, the tax base. Now they're stuck with places they can't unload without taking a bath. Sigh"

i was caught in a similar situation in the 80's in the oil crash in Houston, when 3500 homes were foreclosed in Houston every month. I got laid off, jobs just couldn't be found, and my home lost 40% of its value in 1 year, and the house couldn't be rented eve except for 60% of the mortgage payment. It was terrible.

I found out then that if you make money selling your home, it is taxable, but if you lose money, it is not tax deductable.

the whole time, the nightly news was spouting about how great the economy was. So I leaned that 'the economy' means the economy in Washington, NY, and LA - and the rest of the country doesn't count.