Is the Foreclosure Crisis Getting Worse? Yes according to the Atlantic.
Here is the gist. Mortgages get paid when people have sufficient income to pay them. To have sufficient income, you have to have a job. If the economy is tanking so bad that jobs are not being created, you can't get a job. Without a job, you can't get income to pay the mortgage.
There are some other reasons as well, but read the whole thing.