Obviously they are in a HCOL area, but you know whats worse than being underwater on a mortgage where you want to live? Being underwater on a mortgage in the middle of nowhere, where nobody else wants to live. I know plenty that got stuck in small towns in 2008-onwards servicing the debt on their home. Places that only were beneficiaries of broad speculative demand have the steepest price drops there is no real demand.

These are frightening prospects for people that want to play this game.