All out of pity...
Ok so I hear this story several times a week; "I bought it last year (or the year before, or refinanced during those times)...at that time my house appraised for XXX.... Now I cant make the payment, I just need out, PLEASE help me!!!
So I spend the half hour counseling these folks cause they're in a jam. God knows I'm non-profit cause they have no equity and I'm not even thinking about buying their house at that 105%. Doesn't meet my criteria.
But hey- you bought it, knowing damned well you couldn't pay for it...or...cashed it out...not to improve, but to go on vacation....Now you're stuck, and I cant even help....but I will be there when the bank resells it, cause at this point in time at least the bank knows they made a bad decision, and you may not have the equity to sell at a loss, but hey - the bank can. And they will.
Sorry for the morbid post all - just my thoughts on the market in my town at this time-