O jealous lover
The rate of one-to-four-unit residential loans at least one payment past due rose to a seasonally adjusted 6.99 percent in the third quarter, up from 6.41 percent in the second quarter and 5.59 percent a year ago.
Unemployment rose to a 15-year high of 6.7 percent.
The share of loans in the foreclosure process rose to a record 2.97 percent from 2.75 percent the prior quarter and 1.69 percent a year earlier, the trade group said.
“California and Florida have about 54 percent and 41 percent of the prime and subprime ARM foreclosure starts respectively,” Brinkmann said in the release.
This recession is natural selection.
Live beyond your means — treat loans as free money — and mathematics will beat you senseless when it equalizes values.