“We’re about to have a big problem,” says Morris A. Davis, a real estate expert at the University of Wisconsin. “Foreclosures were bad last year? It’s going to get worse.”
First it was the flippers, then it was the subprime borrowers, and now it's the prime borrowers - those who have lost their job or some portion of their income or, for whatever other reason in a souring economy, can no longer afford to make their mortgage payments.
And it should come as no surprise that prime mortgages are defaulting at the fastest pace in all the former housing bubble states.
The full story:
http://www.nytimes.com/2009/05/25/business/economy/25foreclose.html?_r=1&pagewanted=all
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