Arksansas - Where it's a crime to not pay rent.

[dfrecore]

It goes to auction and usually sells for market price. I’ve been to many of these-rarely do you get what they show on these flipping shows on tv.

The people here who I've seen go into foreclosure rarely only have 1 loan on the house.  They got a 2nd when they took out a boatload when the house was worth more, and then the prices dropped.  So there are some people here who are STILL underwater even though the market has been back up for ages - because it's still not what it was at the top.  Nobody is getting cash back at foreclosure.  And foreclosures aren't going at market here, normally, because they are usually train wrecks.  The people have been living in them but not paying a dime for 2-3 years, and they haven't maintained the house for years (first because they couldn't afford it, then because they knew they were going to lose it).  The banks (usually 2 different ones for the 1st and the 2nd mortgages) have been fighting it out for years, or waiting for the prices to go back up.  It's all a hot mess.

Do you live in CA?  You can't compare CA with the rest of the US when it comes to housing.