“Most foreclosures occurring now are due to unemployment. Not because an ARM reset.”
I suspect that is true but we still have massive ARM resets through mid 2012. So far, there are no trend indicators to say this mess is going to do anything but continue to get worse.
As long as there are no jobs the mess will get worse. Here in central florida there are few jobs. To find work you might have to move. Which means walking away from the house that you cannot sell. Renting isn’t an option because there are so many houses on the market.