What really gets me is the people that are walking away because the neighbors got foreclosed on and they lost value in their house. They are not looking at it as 'I need a place to live and this is my home and my kids have a great school here'. They see it as a bad 'investment' and 'I better dump my stock before the prices go lower'. Any Financial Planner out there would tell them to hold on to the stock and put more money in because its a cycle and the market will come back.

But, they decide to walk away, pull there kids from the school, stop paying taxes in that neighborhood, stop shopping at the corner store and before you know it the whole neighborhood has gone down the cr**per. Homes lose value, businesses get boarded up, schools lose funding and there test scores go down. No one wants to move into the neighborhood so it gets listed as a community re-investment area and approved for low income housing. Schools down the drain, neighborhood down the drain, and liquor stores start popping up in the area because misery has gotta have a drink.