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But you have to exclude a lot of them (new developments that are only half built with none of the promised amenities, ones trashed by the previous owners, ones damaged (rot, etc) due to being exposed to the elements). Part of the reason why there is such oversupply is that local governments...

Only if it's a short sale (i.e. you sell the place for less than you owe, and the bank forgives the loan). If it's a foreclosure on a non-recourse loan, then the foreclosure is not considered debt forgiveness and therefore no tax is payable...

http://www.theglobeandmail.com/report-on-business/soured-nyc-deal-portends-property-storm/article1459775/ The Canadian Globe and Mail put a different spin on this. They consider is a commercial property deal. In North America, there is a lot more institutional buying of residential property...

There are still consequences, of course. Your credit score will be trashed. Any credit you take out in the future, including credit cards, etc. wll have much higher rates. Some jobs might require credit checks. However, if I borrowed 100% LVR and now I'm sitting on a 50% loss, I'd be tempted...

Actually, one option, assuming you weren't behind on your original loan. Buy the house next door for 50% what you bought it for, then default on your original home. Assuming your state does non-recourse loans and a homestead exemption (that is, your PPOR is specifically excluded from bankruptcy...