On this morning news I heard about a book that was written by a Reporter that went thru what a number of people did, Over Extend themself to purchase the home of their want. Here is a link to the NPR Story ( http://www.npr.org/templates/story/story.php?storyId=104192406&ft=1&f=1006 ) On that page is also an Audio Clip of an interview with him, that you might find interesting. In my opinion, it is a classic case of the various factors that contributed to the state of real estate as we now see it.
I read the whole thing yesterday on the NYT. Someone Twittered it. Wow.... I will listen to the clip on NPR.