It just shows you people are more emotional than practical when it comes to finances:

Buy at the peak or right near the peak of a real estate bubble, and then walk away even though you may be able to afford it. Can you imagine these people doing the same thing with stocks?

Granted many had no down payments, but they still paid mortgages for months if not a few years (minus the few who never paid, who should just be deported).

You may be upside down, but eventually housing will go back up. You don’t don’t buy a primary residence to get rich.