This had a profound effect on house prices in Arizona back in 2009-2010. The Phoenix market, in particular, was flooded with borrowers who walked away when they had negative equity.
Re:Danes Get 20-Year 0% Mortgages
by CogitoCogito on Tuesday January 05, 2021 @12:52PM
(#25648444)
Thank you to you and the others responding for the clarification. I guess I just took my California experience and incorrectly assumed it was similar in the rest of the US.
Home mortages are recourse loans in all but 12 states (Alaska, Arizona, California, Connecticut, Idaho, Minnesota, North Carolina, North Dakota, Oregon, Texas, Utah and Washington).