Pictured: What did this guy have for lunch? Judging by the smile, I'd say Kool-Aid.
Coming: A 3rd wave of foreclosures
The next group of Americans to lose their homes seemed to have good credit and affordable loans. But those families have been walloped by the recession.
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By Michael Brush
MSN Money
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There's a simple reason you shouldn't get too excited about the "green shoots" of an economic turnaround.
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In the housing market, a lot of prime mortgages are becoming subprime as a new wave of foreclosures begins to hit. Mainstream homeowners -- those previously "safe" borrowers with sound credit who have conservative, fixed-rate mortgages -- are getting into trouble at an alarming rate.
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In the first quarter, the percentage of these borrowers who were behind on their mortgages or in foreclosure had doubled from a year earlier, to nearly 6%. For the first time in the housing crisis, these homeowners accounted for the largest share of new foreclosures.
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http://articles.moneycentral.msn.com/Investing/CompanyFocus/coming-a-3rd-wave-of-foreclosures.aspx
