How fucked depends on the equity amount. When foreclosures hit the fan last time, it was because lenders were doing 0 down loans that then depreciated another 25%-35%, so of course people walked away from those properties. That is no longer the case and frankly between most people putting 20%+ down at time of purchase and then the appreciation over the last 2 years, if they get squeezed financially, they will sell, but at the most, they will loose the last 2 years appreciation, so back to 2020 values. In Mammoth, that is a big hit from 6 months ago.
A home I have been watching that I would push hard to buy at $2M:
Attachment 439460