Record 9% of homeowners miss payments in foreclosure

[trrenter_IHB]

http://www.msnbc.msn.com/id/26561269/



<strong>"But the source of trouble in the mortgage market has shifted from subprime loans made to borrowers with poor credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments."</strong>



<strong>"The problem is also concentrated in a handful of states, the worst being California and Florida."</strong>



Nothing you didn't already know but it has now hit the mainstream media.

 

[ipoplaya_IHB]

[quote author="trrenter" date=1220657747]http://www.msnbc.msn.com/id/26561269/



<strong>"But the source of trouble in the mortgage market has shifted from subprime loans made to borrowers with poor credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments."</strong>



<strong>"The problem is also concentrated in a handful of states, the worst being California and Florida."</strong>



Nothing you didn't already know but it has now hit the mainstream media.</blockquote>


And Panda thinks Aliso Viejo is near bottom... I guess there must not be any Alt-A borrowers there.