It seems like a bad example, though. Most of the neighborhoods around here with that sort of pricing for that size house didn’t drop much, if any, during the real estate crash. It felt like a very distant problem here.

I lived in a similarly-priced neighborhood less than 30 minutes away during that time period. Houses continued to sell normally throughout, though sometimes they were on the market a little longer than they would’ve been previously. Prices continued to go up.