I can't believe the number of people that walked away from house they bought, still can afford, but want out so they can get something cheaper at today's low prices. Imagine if the stock market worked like that since 1999. An enormous amount of the problem.
A story. I know two people that flipped houses in Florida, and told me I was nuts for not getting in on the gold rush. They left two houses for dead, which later molded up. After a lengthy foreclosure, they are now ranting and raving that they can't get a mortgage to buy some more at today's fire sale prices
I hope I can match your 850 score after this anchor of a house is off of me. I've never failed to repay a dime, and don't intend to start now.