housing price bubble broke

U.S. housing woes are deepening as more property owners failed to make higher payments, said a study released Tuesday.

The pessimists who have long forecasted that America’s economy was in for trouble finally seem to be coming into their own. Of course, there is no glee in seeing stock prices tumble as a result of soaring mortgage defaults. But it was largely predictable, as are the likely consequences for both the millions of Americans who will be facing financial distress and the global economy.