One in 10 home loans upside-down

In a Reuters story, we learn that 10% of American homeowners are upside-down on their mortgages, according to Economy.com. So what I wonder is this: what is going to happen when the recession kicks into high gear? We are likely to see major waves of layoffs. Now imagine you are one of the many thousands soon to be without a job. You may have to move to gain new employment. You're going to need to sell your home fast. Will anybody be buying? This will surely drive prices down dramatically, and it will further increase the mushrooming number of foreclosures. This is getting really nasty, and I don't think we're close to a bottom. For pete's sake, the recession isn't even official yet.