As someone who works for a real estate attorney in Maine I can tell you that a large chunk of the people from 2 and 3 years ago who signed on for 80-20 adjustable rate loans so they'd only have to put $1000 down are now going through foreclosure because they couldn't afford it in the first place and now they're payments have doubled and tripled. This time last year there were 14k homes for sale in this state. Right now there are 26k.