We can see the subprime mess is pretty much cleared up, the gray mess on the chart above. But it appears that we are heading into the next big wave of ALT A loan resets and as well as option arms and prime loan resets. This mess could last until early 2012, just in time for the election season!
As of August 2009, 1 in 8 Americans are facing some form of foreclosure, be it 30 days behind in a mortgage payment or actually receiving a "NOD" notice of default announcing a foreclosure sale date.
