Helen Berenyi, president and founder of Red Triangle, a planning firm in Charleston, S.C., has a client who moved to the area and bought a condominium as a primary residence. He ultimately didn't like the area, so he moved and found a renter for his condo.

But the rent couldn't cover the mortgage, taxes, insurance and upkeep, and the property's value dropped. "He bought it for around $400,000 and could maybe get in the $200,000s for it now," Berenyi says. The client is planning a short sale.

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