Take the housing market, for instance. According to a report from Black Knight, 4.3 million U.S. borrowers were more than 30 days late on a mortgage payment in May. What's more, over 8 percent of all U.S. mortgages were either past due or in foreclosure.
The succession is real simple.
First, the economy was shut down by government order.
Second, about 47 million people filed for unemployment claims over a 14-week period.
Third, people stopped paying their mortgage.
Here in the 'land of fruits and nuts' the trend is also moving in the wrong direction. In May, 6.85 percent of California mortgages were estimated to be "non-current." This troubled-loan category is composed of mortgages with missed payments plus those formally in the foreclosure process.
When the year started, only 2.1 percent of California mortgages were non-current. Thus, in just six months, the rate of non-current mortgages has jumped 228 percent. Nationally, 7.76 percent of mortgages are non-current.