A friend we've known for MANY years called Saturday morning, to tell us that his (or her) home has been foreclosed, and he (or she) needs to move out of the house immediately. We were truly shocked, as we had had no inkling that this person was in trouble with (did you guess correctly?) Bank of America.
This person just found out last Thursday that he (or she) had to get out NOW.
Anyway, we spent MANY hours yesterday helping with the move. We are storing in our garage a fridge, washer, dryer, oven, dishwasher, couches, bookcases, tables, chairs, boxes of books, etc. etc. etc. A giant garage sale is planned.
After moving all that stuff here, we ended up the long day moving bed and other necessities into the spare bedroom of another friend. It was 12 hours I had planned to spend in other ways.
This is the first person we personally know who has been directly affected by the double-whammy of drop in home values and loss of job. He (or she) is admirably philosophical about it, accepting the loss and preparing for the next phase in life.
All we can do is stand by and help as we can.