The first step is foreclosure. These people start to look for a place to rent closer to their work or somewhere they want to live, but could not afford to buy. The second step is job loss. Or pay cuts. When this happens, they look for work and if they must move out of the area, they move. Or they look to rent in a less desiralble area. These scenario’s will play out over the next year or two as this recession grows.
