In the Washington, DC area, they're commonly called "McMansions". They're the $800,000-plus properties that sold for maybe half that amount 5 years ago. Many of them are currently in foreclosure.
However, you don' t have to own a piece of real estate that's actually an albatross to be affected by the looming recession. For millions of families, the idea of savings for emergencies is just plain fiction. Read on to find out what you can do if you're one of them: