So when does the meme emerge that the sensible thing to do is to sell your equity positive residence and buy an REO? Since the REO values are crushed, a 20% loss in real terms on the cheaper REO will be much less than a 20% loss on your current residence. If that idea were to take hold, hoo boy, would things ever get interesting.
I realize schools are an issue, here, but not everyone is bound by their school district.
