Not going to happen this time as mortgage approval process is strict. Plus, lower valued houses are selling quickly as the average American knows higher mortgage rates are coming and home prices are rising fast.
People are fighting each other in bidding wars to get houses under $250,000. Bank will be able to dump repos going forward.
Pakistanis bought the McMansion next door to me, perhaps a good sign were it not for the fact that my town makes Detroit look like a model of civic fiscal responsibility. Detroit has 700,000 inhabitants and is $2 Billion in the red.....my town has 14,000 residents but needs $125 million for a new school. The difference between Detroit's debt (~$3,000 per capita) and ours (~$9,000 per capita) is that our checks still fly LMAO. Plenty of jobs pouring coffee as long as you have at least 1 4-year degree and a few tasteful piercings.