JakeS:
It's not just an investment object. It's a home. There is a tangible, but not monetised, loss in a foreclosure that may easily surpass the "gain" from having the negative equity wiped out.
It should be a home. But buying to 'flip' and buying to let have become all too prevalent. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
