RICHMOND, CA – JUNE 13: A sign is posted in front of a foreclosed home for sale June 13, 2008 in … More Richmond, California. Nationwide home foreclosures filings spiked nearly 50 percent in May compared to one year ago and up 7 percent from April of this year. 261,255 homes reported foreclosure-related filings in May, compared to 176,137 one year ago. (Photo by Justin Sullivan/Getty Images)
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Last week, I got off the phone with the CEO of one of the largest mortgage lenders in the United States. What he told me wasn’t in any press release or CNBC segment. It wasn’t in the Fed minutes or Wall Street research notes. It was quietly devastating. “Mortgage defaults are up over 200% in the last six months.”
That one sentence reframed the macro picture. It confirmed what many investors have felt beneath the surface: this isn’t just about high interest rates or…
