Really Wrong.

The Mortgage Bankers Association in America released some grim figures yesterday.  Hence the gloom and doom in the Mortgage Backed Securities markets which occurred the day before the figures were released.  Did someone get a preview?  Bloomberg reported that one in eight Americans are either delinquent on a loan or in the foreclosure process.  The sub-prime crisis has gone prime with prime loan defaults doubling in the past year, and, making up about half of the defaults.  For the gritty details, see figures from the Mortgage Bankers Association here or article on Bloomberg here.

Below is a really disturbing video by Jim the Realtor filmed in San Diego.  Apologies - it is really wrong. (makes sense without sound if you are in an office).