Some of just put a few more dollars in the pokies and hope for the best. A rather similar strategy...
I don't believe, on average, the US market has the same prevelence of rental/investment properties held by small investors or level of consumer debt, but I wouldn't be surprised if their market weren't very similar to the overheated coastal states. A 1000 sqft townhome runs about $800k US in Sydney nowadays, and their condo market looks like ours. Home prices have stabilized and may be poised for growth. Hopefully we shall be so lucky.