Comment: Re:So ... people are losing their houses ... (Score 2) 172
Houses generally ARE only worth about $100k.
Its the land that costs so much money.
Also, I don't know what its like in the US, but in New Zealand and in the UK you can buy leasehold properties (as opposed to freehold properties that you are aware of.)
In those cases, you buy the "house" and ONLY the "house". ie, what is built upon the land. And you pay rent (which is reviewed every 7 years or so) for the land.
The crux of this, is, it allows you to buy a nicer house in a much nicer area than you could ever possibly afford.
And one day you can buy the land of the owner, too, if you so please.