More homeowner woes — more recession coming

First, homeowners’ equity is below 50 percent, and that’s for the first time since 1945. Meanwhile, foreclosures are at an all-time high:

The Mortgage Bankers Association, in a quarterly snapshot of the mortgage market released Thursday, said the proportion of all mortgages nationwide that fell into foreclosure shot up to a record high of 0.83 percent in the October-to-December quarter. That surpassed the previous high of 0.78 percent set in the prior quarter.

The delinquency rate for all mortgages climbed to 5.82 percent in the fourth quarter. That was up from the 5.59 percent in the third quarter and was the highest since 1985. Payments are considered delinquent if they are 30 or more days past due.

So, expect that foreclosure rate to keep climbing this year.

Can you say, “deepening recession”?