For all the sheep that keep thinking housing is at its bottom

http://www.washingtonpost.com/wp-dyn/content/article/2009/01/16/AR2009011604724_5.html

Already, 24 percent of option ARMs were at least two months late in September, up from 5 percent a year ago, said Mahesh Swaminathan, a Credit Suisse mortgage strategist.

"We're seeing delinquencies rise even before the recast date has hit," Swaminathan said. "After the recasts, the weakness will increase. In 2010 and 2011, the recasts will peak."