The Mortgage Bankers Association said the rate of loans becoming delinquent in the first quarter just set a record.
The record seems to be caused by the activity in 7 states.
A case of the "lost their jobs" and lost their "minds".
Ohio Michigan and Indiana, as well as California, Florida, Nevada and Arizona contributed to the record rate.
I think we can surmise that the problems in the midwest relate to the auto industry and the case in CA, FL AZ and NV have to do with virtually unchecked speculation. You wonder how all these speculators got loans to control so many properties.
Living in the Bradenton Sarasota area, I know school teachers and accountants who each controlled at least 4 properties which averaged over a million dollars each.