Nata12, maybe but the most expensive in the area is under $500K which IMO over capitalising a bit considering it's on the outside fringe of the metro area, land is selling for $220k.
Those new fringe suburbs always take a while to become established and see some capital growth and there is a tendency to spend more than they should (Mcmansions) and hence more likely to default.
Around my area 70's built 3x1 home go on the market for $450-$500k and within weeks of the for sale sign going up they are under offer or sold. I also see that many get sold without a sign going up.
