Last week, the Mortgage Bankers Association reported that single family mortgages are in delinquency at a rate of 13.16%. This is a new record for single family delinquencies. It tells the tale of a likelihood of increasing foreclosures. It also points out the difficulties that many families are facing during this recession.

With unemployment still rising (albeit at a slower pace), and with budgets tight, it is little surprise that families are having to make difficult spending choices. However, it is important to remember that your mortgage is one of the most important payments that you can make. Indeed, it represents your living space. If it is a choice between the mortgage and credit card or other debt, it is often best to choose the mortgage. Avoiding foreclosure, if you can, is important.

However, the rising delinquencies are probably an indication that things for some families have reached a point where that decision is not an option. Instead, for many, it is becoming a choice between paying the mortgage and buying food.