But I have yet to hear anyone say why these people suddenly couldn't afford their mortgages, and it seems to me it's at least partly because of the steep increase in the cost of energy in the last year, especially oil, which took awhile to permeate through the markets to affect food, manufacturing, and other industries. Energy really isn't something you can go without, so they had to cutback somewhere/everywhere.
I'm not an economist so maybe this is wrong-headed. But in the last several days I haven't even heard any mention of it, when to me the run-up in oil prices is one of the most significant economic factors of the decade.
And -- if we really are at Peak Oil -- a small sign of the larger nastiness yet to come.