The Market Ticker does the math:
Mortgage Bankers Association: 15% of US mortgages were in foreclosure or delinquency (remains a record); with loans 90 days past due also a record
Oh that’s nice.
70% of homes have a mortgage on them (the other 30% are “paid off.”) This implies that approximately 10.5% of all all homes are delinquent or in foreclosure.
One in ten. No, the housing mess is not over.
Don’t forget that all that is keeping many banks technically solvent is the fact that they are still keeping these delinquent and defaulting loans on their books as performing. It’s not over. It’s not even CLOSE to over.