People can't make their mortgage payments if they don't have a job.
We are having job layoffs by the 100's right and left here in E TN. Many of these people will not find replacement jobs in this area and they were in "executive" positions. Engineers, retail buyers, University positions, etc. Responsible individuals who went in to mid to upper range homes ...they could afford.
When over 3500 jobs are laid off in the space of 6 weeks, it's causing the rest of the local economy to become shaky.
M had to drive me to the other side of town yesterday (I scratched a cornea, and the sunlight is a problem) and we were shocked at how many business were closed...that prior to Christmas were open.