In my area, many homes have lost 2/3 of their value & still falling.
Many borrowers who had good incomes & qualified for their loans are no
w under or unemployed & no relief is on the horizon with Moonbeam back at the helm & a demtard legislature that can now pass any budget with a simple majority.
Hmmm, buy groceries & feed the kids or throw money at a near worthless asset? Tough choice.
I personally am not so quick to judge harshly.
The lenders are in the best position to help themselves—but instead of being willing to modify loans or accept short sales, they stonewall & stall until qualified buyers walk & make the modification process impossible.
In your area, none of the homes have lost 2/3 of their value.
the prices have simply dropped to the true value.
I and many others have been explaining what was happening and where it would lead for many years. Click on the keyword housing bubble and scroll back 5 or 6 years. Does what we were saying then describe today right down to a “T”?
... AND they intentionally use law firms which do and will falsify information submitted to the court.