One in 7 U.S. mortgages foreclosing or delinquent

It is official, today Reuters A record one in seven U.S. mortgages were in foreclosure or at least one payment past due in the third quarter, according to fresh data signaling the recovery in the housing market will be tepid at best.
I guess those that dont like hearing the truth better get their mouse and click off this page as fast as your can! YES…
But come on….what did you expect, with more people losing their jobs, that means less money going into their dwindling accounts. And that means there is no extra money to pay off the mortgage bills at the end of the month. Its not rocket science….really.
For the keen statisticians out there Housing and related business account for about 20 percent of the economy and recovery, so its not small potatoes i guess.
The smarties down a barclays who called the hmmm recovery in early 2008 (ummm right!) have now changed their tune…. yes! They pulled out their hankies and got the fake tear juice out and admitted and I quote “Foreclosures will be worse in the first part of 2010 and we do not see a peak in foreclosures until the middle of next year.”
Looks like the bankers and the BIG bonus pay checks are going to have a field day with this….. WOW how convenient…the same time they get their millions in dodgy bonuses the same times foreclosures are nearly their high point and those beach side resort condos will be going for a song. I bet you their mistresses will be loving this piece of news. LOL
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