Remember yesterday, when I said that 1 in 16 (6.25%) homes was delinquent or in foreclosure?

That number counted only those people who were more than 60 days delinquent, and it counted all homeowners.

If you count all delinquent mortgages, not just 60+ days, and do so as a percentage of the mortgages, not homeowners, then 14.41% of all mortgages were either behind a payment or in foreclosure, the highest number recorded since this statistic started being collected by the Mortgage Bankers’ Association in 1972.

That’s 1 in 7 mortgages.

We are unbelievably screwed.