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MORTGAGE DELINQUENCIES GOING MUCH HIGHER

As this great chart out of CitiBank shows, the correlation between mortgage delinquencies and the unemployment rate is nearly 1:1.  In January I predicted that the unemployment rate would hit 10%.  That was a prediction I took a lot of flack for, but it is looking modest after March’s unemployment report showed an 8.5% rate.  I think we could hit 11%+ by this time next year.  What does this mean?  It means the woes in the housing market are far from over….

mortgdel