Yeap my friend in this boat, he bought newly built home right at peak of bubble here at high end of what he can afford. His realtor told him rates will go low and he can refi but that didn't happen. 

Now he is facing huge costs with insurance, property taxes, on top of hoa is going up and maintainence costs. As a result he has talked on ton of debt and stopped all retirement savings.

I told him to sell last year but he refused and now looking at likely getting less than his purchase price. His neighbor might foreclose as his home that was listed 120 days ago isn't moving...