US housing market is different this time… it’s worse

“Investment bank UBS reports that nearly 4% of subprime mortgages issued and bundled into MBSs this year are 60 days or more behind on their payments. While that may not sound too alarming, it’s the highest rate in over a decade – almost one percentage point higher than in the 2001 recession – and the economy as a whole isn’t even officially in trouble yet.”

Full article here:
http://www.moneyweek.com/file/22805/us-housing-market-is-different-this-time—its-worse.html

Chicken Smith View:

You can expect a spike in defaults once the holiday credit card bills start coming in!

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