Even Upper Middle Class Suburbs Aren't Safe From the Housing Crisis

ABC News reports:

Two years ago, Kelley Lowry camped out overnight to buy a four-bedroom home in the upscale community of Fairfield, Calif., northeast of San Francisco. He paid $580,000.

"We bought at the top of the market," Lowry said.

Just six weeks later, his house was worth $750,000 -- but now? The value has plunged to just about $400,000.

"It's pretty devastating, especially when you owe more than that," Lowry said. "It's tough to swallow."

With more downside to come.