Boy, you thought incumbents had a tough economic environment to campaign in this year? Just wait until next year:

More than 14 percent of borrowers were in trouble on their mortgage during the third quarter, a new record, according to an industry survey released Thursday, which also suggests that the foreclosure rate is likely not to peak until next year as unemployment rates continue to rise.
Unemployment remains a big driver of the problem, according to the Mortgage Bankers Association, which conducts the survey. Those with delinquent loans now include a growing portion of people traditionally considered creditworthy and people whose mortgages are insured by the Federal Housing Administration.
“The outlook is that delinquency rates and foreclosure rates will continue to worsen before they improve,” said Jay Brinkmann, the group’s chief economist.
About 9.6 percent of borrowers were delinquent on their mortgage during the third quarter, according to the survey, and another 4.5 percent more were somewhere in the foreclosure process. Overall, about 14 percent of mortgage loans or 7.4 million households were delinquent or in the foreclosure process during the quarter, according to the group.
That is the highest level recorded by the survey, which has been conducted since 1972, and is up from about 10 percent of borrowers who were in trouble during the same period last year.

The article notes that “if unemployment rates peak in the middle of next year, foreclosures could reach their highest levels by the end of next year.” Boy, voters will be in a delightful mood come November, huh?

Our old friend David Freddoso notes that members of Congress get astonishingly generous pensions. Retirement is probably look pretty tempting next year, particularly when contrasted with getting thrown out of office by angry voters.