Not defending this couple at all, but can’t you see their point? You all mention you purchased a home you could afford and I bet today it is worth more than you paid. This condo was what was available in 2005 (hindsight being 20/20 we know NOW that it was overpriced) and they probably hoped by 2010 it would be worth a bit more than they paid instead of half.
And to add, who knew the economy in California would tank so miserably?? I sure didn’t and I feel terrible for my neighbors who paid the top of market and then are downsized or furloughed (whether government worker or private).
These are times that are only akin to the Great Depression when other families walked away from their homes.
In the Great Depression people lost their homes, they weren’t making strategic decisions to abandon them.