Record Number Late on Mortgages

It appears that the financial crisis is growing darker. This LA Times article reports that 10% of homeowners are falling behind on their mortgage payments. Yes, I guarantee you that a lot of those people bought houses they couldn't afford and used fancy mortgages that seemed too good to be true. But I also know that many responsible, hard working people are starting to fall into this financial trap as their jobs disappear...and it becomes much harder to find a new one.

Read article here; http://www.latimes.com/business/investing/la-fi-foreclose6-2008dec06,0,892360.story

Also notice that it is a "Record" number...which is just one more example of the extreme times in which we are living.

Finally, remember that during the depths of the Great Depression, 45% of Americans lost their homes to foreclosure. So the optomist would say we are nowhere close to that level and the pessimist would say that we have a lot further to fall.