? Downside of Debt |
| Glass Foreheads ?
March 17, 2006
Mortgage Delinquencies Up
Not sky-high yet, but mortgage delinquencies are edging upward and for all the reasons you'd expect: high energy prices, rising interest rates, lots of subprime and ARM loans, and the simple fact that risky loans issued in recent years have been outstanding long enough for borrowers to get in trouble.
Here's the press release from the Mortgage Bankers Association.
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As I've written before, anytime 50% of your income goes to housing expense, something has to give...and in this case all the folks who ran out to get in on the RE boom because they thought they'd miss out are affected...we have such a herd mentality in this country.
Posted by: Sally at March 20, 2006 10:51 AM