I have an acquaintance who purchased a $450K home on the Gulf Coast of Florida for $150K after the housing bubble burst about 2008. I remember riding around looking at houses for sale in the Florida Keys after the collapse. It was amazing what $200K could have bought. Many owners were ‘underwater’ on their house. Some just walked away and left the house keys for the bank. Same think is coming again. That couple who payed $438K for that house on a postage stamp lot are likely to find themselves crying instead of celebrating unless they put down a whopping down payment.
