I moved into an old established neighborhood, several of the neighbors have lived here their entire lives, one actually bought the house he grew up in from his parents. Many families have other family members within a block or two, six local police officers within 3 street, 3 local firefighters, and I think 2 police from outside communities all living within 3-4 streets of me.
My neighborhood will be cool for many, many years. 
Don't be so sure. I know what 240 speaks of. I had that same situation next door to me.
The house wasn't foreclosed on, the owner moved out and rented it out to the wrong tenants.
They absolutely trashed the place, didn't pay rent for over a year and he couldn't get them out.
He had an eviction order, ...just couldn't enforce it. They weren't the type of people you enforced evictions on,
...so the lived rent free for over a year. it wasn't until a co-ordinated dawn raid on 175 locations simultaneously throughout the GTA that they decided to leave. I guess it spooked them and they thought they were coming for them next. They left in such a hurry, they left all their furniture, clothes everything behind. They also trashed the interior so badly, that for months afterwards, he couldn't rent it out, ...and when he did, the tenants didn't want to stay. For months it sat empty, ...at some points even throughout the winter, the doors were wide open and the neighbourhood critter found themselves a place to escape the elements. At one point he had it rented to a really nice guy, ...except he had a break-in. They didn't touch anything, ...they went straight for the attic. The theory, when they left in such a hurry, ...they left something behind, and decided to return to retrieve it. It spooked the guy so badly, he moved out. Again the house sat empty for months. Long story short, he finally has a great family in there now. A couple approaching retirement who has a son gainfully employed in the trucking industry, a daughter in university, and they are decent people. They predict that the real estate meltdown occuring in the US might spill over into Canada, so they decided to sell their house, get all the equity out before it drops in value, and just rent for a few years. They also have the option to purchase it after a few years if they want. I'm hoping they do, ... cause no one on this street wants to go through the same nightmare again. And we've got quite a few active as well as retired police officers living on this street. At least 6 that I know of. It can happen anywhere.
They've made some incredible improvements to the place tho. First thing in the morning at 5am, I hear the diesel engine firing up while I'm trying to sleep. All throughout the morning I hear the pounding as they renovate and fix things, ...do I or any of the neighbours complain? HECK NO! After a 5 year nightmare, we're just grateful to finally have decent neighbours again.
Many of us wished the house had been foreclosed on or repossessed by the bank. It wouldn't have dragged out for so long, but the guy who owned it has a real estate dynasty of at least 500 houses and the cash flow enabled him to last as long as it took to get rid of them. He has a hard time showing his face in this neighbourhood. Whenever he does he gets a bloody earful from the rest of us about picking quality tenants. With this last selection, he's somewhat redeemed himself, but you don't want to go through that for any length of time. The only perk in the entire nightmare was that our street was flagged for stepped up patrols by both marked & unmarked cars.
