Foreclosures: Tip of the Iceberg

The Boston Globe reports some startling statistics on MA foreclosures in "Housing Slowdown Squeezes Borrowers." Here's the telling graphic:

Keep in mind:

In 2005 appreciation rates were still positive.

As discussed earlier, resets for I/O and ARM loans will swell over the next few years.

And the Fed just raised rates another 0.25 point today, further increasing rates for adjustables.