A while back, I posted a link to the chart seen here. Its a scary chart, but the thing I just noticed is that it is from almost two years ago...January of 2008.
And today, I was referenced to this chart....
...which I saw via the blog, Calculated Risk. As an Arizona resident, I don't take great pride at having 3% of the nation's Option ARM risk, but man....anyone in California is in for another big hit.
As they say, Read The Whole Thing, and read the links. This ain't over. Not by a long shot.