These charts by the American Bankrupty Institute provide a few decades of historical context of the relationships between unemployment, homeownership, and housing prices.
Among other things, the Real House Prices and Unemployment Rate tends to show that historically, the housing market recovers more slowly than the job market. It also suggests that homeowners who purchased their property between January 2004 and the present may have years to go before they see the current value approach the purchase price that they paid.
For those who borrowed most or all of the purchase money for the property, this can have disastrous financial consequences.
If you have concerns about your ability to afford your property, or other legal and financial concerns, contact a qualified bankruptcy attorney.