Re: this is something that I have been thinking about since Harvey.....thanks...-Correct, this is a huge incentive to just walk away. Many homes wont be rebuilt. The insanity of where many subdivisions were built will assure there wont be many new buyers ready to bid on those properties. Unless its vultures bidding. Tens of thousands of homes built INSIDE reservoirs built to hold floodwater! And regarding insurance rates going up. THEY WILL. I completly agree that I dont want tax dollars paying to subsidize insurance rates to insure homes built in such high risk areas. Also, many dont know that The NFIP (Fed flood insurer) plans to get out of the market completely possibly next year. They plan to hand it back to the private insurers. And you know what that means... less homes insured due to sky high unsubsidized rates.I feel sorry for many who bought homes without dueing DD on flood risks. They trusted shady developers and got burnt. But fact is, many homes taken from nature will be given back to nature. I used to envy those with homes along the bayou. Not anymore, I wouldnt live there for anything. The first thing on the agenda should be putting the brakes on all this unzoned building here. This will mean less affordable housing but those affordable houses now dont seem so affordable after all.
Re: this is something that I have been thinking about since Harvey.....thanks for the update .....I am thinking that when the subprime loan situation occurred many owners defaulted on the mortages simply and only because they were underwater financially while the homes were in perfect condition .....so some financial institutions somewhere will end up owning some bad paper ....can they possibly securitize it by bundling it with some good paper .....I think not this soon after 'the big short' ......just seems like there might end up being some areas that just do not get rebuilt ....especially considering whether severe hurricanes have anything to do with anthropogenic global warming or not ,if enough people believe that they do then insurance rates will go up and fresh buyers will be leery and demand discounted prices ....gov might find opposition for huge subsides to rebuild in 'snake pit' areas .....have to wait and see what happens ....my sympathies to those in the Houston and florida afflicted areas...life is difficult enough w/o the current problems they are having