Reading the latest news on foreclosures from Lender's Processing Services, I'm amazed at the size of the US housing collapse when comparing it to Canada (via the Canadian Bankers Association).
US - 7,041,987 loans are either delinquent or in foreclosure
Canada - There are a TOTAL of 4,064,446 loans
US - 2,473,067 mortgages are more than 90 days delinquent
Canada - 17,090 mortgages are more than 90 days delinquent (or 0.69% of the total US mortgages more than 90 days delinquent and 0.42% of the total amount of Canadian mortgages )
Hence, Canada is just a rounding error when compared to US
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