Worth sharing from The BigPicture:

Moody’s Economy.com estimates that 8.8 million homeowners — about 10.3% percent of all U.S. homes — will have zero or negative equity by the end of this month.  Another 10-15 million households are at risk of becoming "upside down" if prices continue falling.

Holy crap.  The potential for 20 million homes, or close to 28% of homes could be under water…  no wonder so many people are walking away, or considering it.

I also read somewhere (unfortunately, I couldn’t find the source) that 20% of subprime adjustable rate mortgages have delayed payments.  And that number does not include the 12% of subprime ARMs that are currently in foreclosure.

Before the fit hit the shan, Nouriel Roubini was chided as being a perma-bear with the most pessimistic outlook imaginable…  and he recently stated that in the context of everything that is going on today, he was truly guilty of being too optimistic.