We got hit buying at almost the top of the 80's property boom [we bought cash with a bit of a windfall we had at the time]. It was a long wait of until 2004 until we go out with a decent profit. Worth the wait because we could afford it [no mortgage] but only doubled our original high purchase price.

Many sold at massive losses when interest rates reached 17% because they had too. They couldn't afford the mortgage payments. One woman we knew near us was paying $800 [80's] a month mortgage on an 1 bedroom apartment she could have rented for $300. Sold for half the purchase price because the payments were killing her.

People think that will never happen again. Oh it will and has before too.