Long-term unemployment woes increasing rate prime mortgage foreclosures

As the unemployment rate continues to grow it is hitting an increasing number of people who had prime mortgages. The result is a huge increase in foreclosures among primes. In the first three months of the year, prime fixed-rate loans accounted for nearly half of the increase in foreclosure proceedings, according to the Mortgage Bankers Association. "At the end of the fourth quarter, 2.4% of prime mortgages were seriously delinquent, more than double the 1.1% at the end of March 2008, according to a report by the Office of the Comptroller of the Currency and the Office of Thrift Supervision." Some folks seem to believe that the unemployment rate will soon peak at 10%. The fact that the unemployment rate jumped to 9.4% from 8.9% is ignored as a ?baked in the cake? event as everyone expects