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Isn't there at least some upside if they don't?
housing prices dropping means that property taxes will go down. And that mortgage payments will also go down....right? right?
Mortgage payments definitely won't go down, if they're on a variable rate, they'll go up.
Property taxes... might go down... but as far as I can tell, most property value assesors and assement methods and schedules are somewhere between... esoterically arcane and inconsistent... and just openly corrupt.
But sure, if you do get assessed lower, a year into all this, then your property taxes go down.
And then the local government realizes that their revenue has gone down, and then cuts services, govt jobs, goes into debt, and/or raises taxes on everyone other than the wealthy and infuential, who then go on to buy the foreclosures.