YouBet said:
You know what's going to happen here? Actual American homeowners in these communities are going to get f'ed.
Because these north Texas cities are likely not going to cut spending as a result of the loss of these property taxes, they will just max everyone else's value and/or raise tax rates to offset the Indians who are walking away.
Can't win for losing.
Yes.
But that kind of system reset is needed and the sooner it is done the better. You cannot do it once the system is full of these temp workers buying expensive houses.
There is no other way out of this and some pain is coming. It will be lesser pain than if we let this fester and it become a 2008 style apocalypse.
So yes, some Americans will feel the pain. I bought my house in 2010 when prices were down and it went down further before coming up. It will all be fine in the long run.
