The coast of Oregon and Washington are subject to a subduction zone. Those are unsafe. Corvalis is inland. Take your coffee because there isn't much sun.

Contracts are only moral obligations if they are honest contracts. If you look at the entire housing bubble, the contracts were not representing enough information to make an informed choice. For example, easy money came from Basel 2 and Wall Street colluding, and this shadow banking system took the price of the homes too high. So, the entire enterprise was a scam. The contracts did not reveal that it was a scam.

You don't have to honor a scam. And house buying at that time was a scam. So you are morally ok with walking away. However, you may have some legal problems in recourse states and even with some loans in non recourse states. So check with an attorney.