Foreclosures are the solution, not the problem. The problem is that people with good jobs cannot “really” afford to live in their community. Foreclosures will reduce prices to a level that average people can afford to buy a house and pay it off. What pay off a house, how will mortgage brokers live?
My grandparents can afford to live in San Diego, because they paid off their house. The baby boomers are not paying off their houses and will need to move to less expensive areas as they retire. It should be about reducing your cost of living as you retire, not amount a paper gain.
