More bad news! The New York Times says that about 1 in 11 American mortgages were past due or in foreclosure at the end of March. [NYT]
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Has there been any analysis of whether this crisis has actually benefited new home-owners; i.e. has the drop in housing prices more than offset the increased cost and difficulty in acquiring a mortgage (rates are actually increasing despite fed cuts)? Personally, I'd be interested to know.
Doom and gloom
I just hope that people have learned their lesson.
Looking on the (somewhat) bright side, it's a good time to work in the collections department!
Oh yeah, and it's all the consumer's fault!
I was one of those. :(
I screwed up my payment in February and accidentally scheduled it to clear for the next month.