Heck here in Indiana they run radio commercials that tell you - - "relieve the stress of holiday gift bills by refinancing your house."
How well does that work?
default stats by location: http://www.frbsf.org/community/research/assets/GeographyofMortgageDelinquency.pdf
Doesn't look that bad to me. In fact the graph suggests foreclosures are down slightly.
What baffles me is foreclosure rates are HIGHEST in CHEAP areas and LOWEST in EXPENSIVE areas. You'd expect the exact opposite.
So in places where average incomes are 44k and average homes are 115k, they're having MORE trouble paying their mortgage than in places where the average income is 43k and average house is 510k?
Doesn't make sense.