For those who may have not seen this map, Businessweek released this a while back detailing the concentration of homeowners throughout the United States who chose the option arm mortgage as their weapon of choice to tackle monthly mortgage payments.
As expected, California enlisted the largest amount of homeowners to this program, as they grappled with sky-high home prices very few could afford without some kind of miracle.
Notably, that miracle in disguise came in the form of a 1% start rate on the now infamous option arm mortgage program, which is offered by almost every bank and lender in the United States.
Don’t be surprised if a corresponding foreclosure map comes out next year with similar concentrations of delinquent borrowers in the red states and cities.
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