Walking from Homes is the new thing

Today I read in New York Times that more people are walking away from the homes . This is a very sad fact. The homeowners are walking if they see the value of their home has dropped by 75%. Who would stay knowing that the home has little value, and they can not make any money from it. Again I wonder what is going to make a first time buyer want to buy. If the government bail out is not working now then why stay in the home. I know of a friend's son who bought in Florida, has been transfered up north and the condo is valued 78% less. Should he walk?