The Byproducts of the War on Iran
Iran’s control of the Strait of Hormuz affects not just oil and fertilizer, but also the many oil- and gas-based inputs essential to everyday goods.
According to the latest report by the Mortgage Bankers Association (MBA), 1.35 million homes were in foreclosure in the third quarter of the year, a jump of 73% over a year earlier. Three percent of all homes are now in foreclosure, and another 7% of homeowners are behind on their payments.
With 10% of homeowners now either in foreclosure or behind on their mortgages, unemployment spiking upwards and the recession deepening, the MBA predicts that the number of troubled mortgages will increase, including a larger share of Prime as well as Subprime mortgages.