In 2008-2011 a 40-60% swing took place in many parts of the US. Arizona, Nevada, Florida all being at the top of the list. The number of foreclosures was devasting to those areas. Vegas, Phoenix etc. were hit extremely hard. Many folks placed keys in the mail box and just walked away from properties -- leading speculators and savvy home buyers to come in at rock bottom and buy their homes on the cheap.

History may not repeat itself but it definitely rhymes.