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Right now there is a second phase of home owners hitting their 5 years of nice payments and jumping into 2 to 3 times the payment.
Missed 30 days notices are higher right now than they have been ever. Which means another round of people losing their homes.
Add to this the fact that unemployment is only getting worse each day...
15,000 jobs one day
25,000 the next
8,000 sweet, a small day
38,000 the next...
You can pretty much figure that for every 50 jobs lost right now only 30 will be filled with something that pays enough to survive. Then out of the 20 that don't go back to work for an extended period of time, 10 have mortgages they lose.
So 35,000 = 140 houses the bank is fucked on...
Or $25,400,000...
So when 35,000 people are laid off and they all live within 8 pockets or clusters you have 8 mini-recessions... Local banks holding the mortgages collapse. Then they add to the pressure of bigger banks and holding companies that financed them.
Walla... it all happens again!
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