I agree with people who actually "bit off more than they could chew" deserve the consequences.
Yet before the market crashed - before we had a big employment down turn - did they all just bite off too much, I don't believe so.
Real estate "values" were inflated by developers - taxes were increased because of service costs - the market tanked because the dollar shrank - taxes keep rising because government keeps spending. Thats a over simplification !
Now for the "Zombie Homes" - most are empty because of foreclosures. Its easy to say all those owners "Bit off more than they could chew" - is that factual ? Or did some of them loose their jobs ? Did some of them have limited income and interest rates and taxes put them in trouble ? How many were seniors on social security ? How many were average lower income people who had to choose between heat or food ?
Yes, most of us are safe in our homes - but look around - talk to friends and neighbors - everyone knows someone who was or is close to foreclosure or bankruptcy. Did they too just "bite off more than they could chew"?
Did they all have too many credit cards - to many new cars and payments - how many of them lived in $300,000.00 dollar homes ?
Most of the homes in the "Zombie Class" aren't - they are average and mainly "City Types" -
Most of the empty homes that have not been foreclosed on are ones that had tenants who skipped and the owner cant afford or doesn't care to rehab them. I check the auction sheets in City Hall every time they come out - many of these "Zombie Homes" aren't being auctioned or foreclosed on - so some person is writing off the loss.
Some are people who bailed out after realizing foreclosure was eminent. Until you've had ruthless bankers attack your life - refuse your payments - deny you even sent one - your bank tells you your payment was returned. When they tell you month after month "We are foreclosing unless you let us short sell" your home - what would you do.
Its easy to say, "I'd sue them, they cant do that, I own my home" - Maybe you'd be smart enough or have enough tucked away to beat them - maybe not ?
One man in Florida woke to a knock on his door - its was Sheriffs with a eviction notice - "How could this be he asked" - the Sheriff said, "The Bank of America sold this House- you have twenty minutes to collect your belongings" - as he packed his car - while two Sheriffs and two local Officers watched - a lock smith changed all the locks and secured the house.
Guess what - this is a factual story printed in the national news - Bank of America screwed up - later it was found that there wasn't any mortgage to foreclose on - the man had no mortgage - it was a "Computer Mistake" - in their defense the Bank said, "He never responded to our notices so we foreclosed and sold" - Its just that easy folks.
Last point - did more than 800,000 Americans simply bite off more than they could chew ?