Look around your nieghborhood, how many people bought 2003 or later? How many people with old loans rode the HELOC crazy train? That is how many REOs your hood will experience. Everyone is going to be upside down by $200k at least, if they aren’t already. Most will be turtled way more than $200k. Very few will choose to keep paying on that rediculously large, easy to get out of sour debt.
