There about 5-6 houses in my sub division like that. Some sitting empty for 2-3 years now.
At the beginning of Obama’s reign the house across the street from me had loans up to 120% of value. It changed hands once a year for about 4 years when the tenants couldn’t make the payments (they blew the 20% extra on ‘stuff’).
Not to worry - local authorities in thrall to the teachers’ unions will spring into action to lower property taxes to help with the crisis! /sarc
Many FReepers think those home equity loans were funding cruises and new sets of wheels for foolish (or reckless, or conniving) borrowers; I think the reality (which the government didn’t want exposed) was that much of it was used for basic necessities - masking the fall in our standard of living. As the dust settled, there was little for the banks to repossess; the food had been eaten, clothes worn, and heating fuel consumed.
Now people have no misconception about where we stand; industries built around discretionary income are dropping like flies. Here in NJ 1/3 of our casinos are gone; I expect most to follow shortly.