Irwin Stelzer, Director of economic policy studies at the Hudson Institute, writes in The Weekly Standard that some perspective is needed on delinquent mortgages:
There are 80 million houses in America. Twenty-five million are owned mortgage-free. Of the 55 million homeowners with mortgages, about 50 million are up-to-date on their payments. So some 75 million of the 80 million homeowners either have no mortgages to add to their worries or are meeting their mortgage payments on time.
He goes on to write:
Less prominently displayed is the fact that exports are up, the unemployment rate remains low, job losses are diminishing, non-financial corporations are once again issuing bonds to fund investment, and earnings of non-financial companies were up more than 10 percent in the first quarter.