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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Think4Yourself who wrote (49478)3/5/2006 6:57:13 AM
From: bentwayRead Replies (1) of 306849
 
"The new bankruptcy law says most people can no longer walk away without paying the difference between the house auction proceeds (less court, sherrif, bank, and auctioneer fees) and what they owe."

This is going to crush a lot of people. Houses usually auction off for far less than their actual worth, let alone what's owed on them, and it will only get worse as depreciation continues. As others here have said, these folks will probably be driven into a much expanded underground economy.

From the opposite tack, if you've got some cash or healthy credit, there will be some real bargains to pick up!
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