I think Bugs is talking about the people listing below their mortgage price.
I wanted to add one more thing to Bugs’ Jumping out the window comment. The suicide and alcoholism rates will surely jump. Bankruptcy and foreclosure bring people to the ends of their emotional and spiritual rope, and they will either increase church attendance, or drown in the bottle/suicide. Some will just pull themselves together and go on. We’re talking about 50,000 – 100,000 San Diegans who will face foreclosure and bankruptcy in the next 5 years. Millions nationwide. Many will be people who bought their homes in the 1970’s or 1980s, and refinanced to take out cash, thinking it was a new era, and they could keep doing this indefinitely.
