Only the shadow knows. But the facts are that well over 10% of all existing mortgages are in some form of non-payment and the official level of unemployment is at 12.2%. This is a strong indicator that these loans will not be cured. But as someone mentioned a while back, the other shadow is all the people that are paying their mortgage but wish they werent. Their under house-arrest as they’d like to sell, but they’re upside- down in their loan. The losses have been so devistating that I think residential real estate will take quite a while to get out from under all this downward pressure
