“…Despite this unique government promotion of the housing market, US homeownership rate (67%) lags behind countries like Spain (86%), Ireland (75%), Australia (70%), the United Kingdom (70%) and Canada (68%).

In Canada, government-backed mortgages account for only 30 percent of the market. In the United States, the number is 85%…”

After the Fire, Rebuilding U.S. Housing Policy –  The Atlantic.

“The announcement by Fitch that CMBS delinquencies rose by another 29 bps to a new high of 6.29% is no surprise to anyone who has been following RealPoint's remittance/CMBS reports.

Yet it is good to get independent confirmation that there is no respite in CMBS land…”

via Fitch Announces Another Record In CMBS Delinquencies | zero hedge.

“If you look at it, there’s almost probably 5 million borrowers sitting there in some sort of delinquency right now who have yet to be foreclosed upon…”

“Credit Suisse projects 10 million foreclosures over a five-year period starting in 2008…”

via IHB-  Adjustable Rate Mortgage Resets Foretell Major Problems in California’s Housing Market.