It’s a little sad to prowl though sites like Realtytrac.com and see foreclosures on mortgage amounts that, judging just from address and type and size of the house, seem destined to wipe out any equity the owner has. There’s a $650,000 foreclosure coming on a house in Havemeyer, for instance, on a 1200 sq.ft. house. That’s about the full value for a house that size these days, and my guess is we’ll see it bank owned soon. Similarly, a house on Reynwood Road, $2.5 million mortgage debt, is, judging from its tax card description, worth no more than the land it sits on. What’s a 4 acre building site worth these days? Probably $2.5 million. And there are more to come.