Then there are the people who have used their house as a cash cow and owe many times what it is really worth because they used credit instead of good sense.

My own sister has been living in the same house for 37 years, and they now owe more than the original price in second and third mortgages and other home secured loans. As recently as a year ago, it was "worth" 3 times more than they originally paid, but the prices are falling now and they'll be stuck with it regardless - and all the payments.

Sure glad they like that house. I wouldn't give you a dollar for it or any of the others all around her.