There are plenty of those underwater who did put down 20%. Unfortunately, the market went down 50%.
I suppose that in some parts of the country prices did go down 50%.Apart from Detroit,those 50% drop areas tended to be the areas that,before,saw 50% (or more) *increases* in value....California...Nevada....Florida...and perhaps other areas as well.I bought at the very top of the (local) market and I figure that my place has dropped by about 25%.