The bottom fell out in Houston in 1983 when the oil market crashed. Lots of folks just walked away from their homes.
It's not too crazy here now except inside Loop 610 close to downtown. We just bought new - 2700 sq ft, 1 story, 3 car garage on a 70'x140' lot for less than $75/ sq ft. Fortunately, I don't work downtown so it's only 25 minutes from my office at 5 PM.
I'd love to be able to put a spatula under it and move it to California ... I could retire back here on the proceeds.
Geez...that's cheaper than here!!