McClatchy Washington Bureau | Double whammy: Job losses at 34-year high; foreclosures hit highest level ever

"The (Mortgage Bankers Association) said that 6.99 percent of mortgages are 30 days or more behind on payment, and that 2.97 percent of all mortgages are in foreclosure proceedings.

That means nearly one in every 10 outstanding mortgages is now either behind schedule on payments or actually in foreclosure. The report marked the worst quarterly showing in the 39 years that the group has kept records.

More troubling, prime mortgages given to borrowers with the strongest credit now represent a rising percentage of those mortgages that are delinquent or entering foreclosure proceedings."

Highest unemployment in recent decades, highest foreclosures in decades, highest rate of increase in both economic segments in decades... I'm no economist, but that's a recession angling for deeper economic strife.