It seems the growing number of job losses is taking a new toll on the economy. New information released today shows that about one in eight households -- a record share -- ended 2008 behind on their mortgage payments.
The research, which was put together by the Mortgage Bankers Association, points to employment as the key factor in this crisis. "With unemployment at a 16-1/2-year high and expected to continue rising until mid- to late 2010, more borrowers will pay late or fall into foreclosure this year," said the group's chief economist, Jay Brinkman.
Of particular concern, he added, is a sharp pickup in joblessness among people with college educations.
By the end of last year, "we saw some sharp pickups in delinquency rates with prime loans and I think that's now going to continue as long as we see unemployment continue to climb among the people most likely to own homes," Brinkmann said.
And that leads to our Fast Money Reader Poll. Do you expect to see more lay-offs where you work?
Got something to say? Send us an e-mail at email@example.com and your comment might be posted on the Rapid Recap! Prefer to keep your comments private? Send those questions and comments to firstname.lastname@example.org.
CNBC.com with wires