We have seriously bad news out of the Mortgage Bankers Association. More than 9 percent of all mortgage loans outstanding on one- to four-unit homes were at least one month behind on payments during the second quarter. That number, which is adjusted to reflect seasonal trends, broke the previous quarter's record level of delinquencies, and it doesn't even include people already in the foreclosure process. Count them in, and 13.6 percent (not seasonally adjusted) of loans are in trouble. That's the most MBA has recorded since they started keeping track in 1972.
I can't muster much excitement over the news, reported by the Associated Press, that a customer of Wells Fargo has filed suit in an Illinois court against the lender, claiming it improperly reduced his home equity line of credit.
Personally, I think they're too young to be getting married. But, in the Archie comic book that goes on sale today, Riverdale High's famous redhead alumnus, now a college graduate, allegedly will pop The Question to Veronica. So, on to the real question: Where should the young couple live?
We in the nation's capital are supremely well positioned to swap our way to free vacation lodging. The idea is simple: You use Web sites such as Home Xchange Vacation or International Home Exchange Network--or many others--to find someone who will allow you to live in their gorgeous villa in the south of France (or wherever you'd love to travel) for a week or two while they set up housekeeping in your breathtaking Capitol Hill townhouse. The idea is that because each of you is trusting the other with house and home, the risks offset each other. And not only do you get free lodging, but you get to live in a real neighborhood and enjoy the amenities typical for a household in that location.