"This could precipitate a wave of mortgage delinquencies, leading to forced home sales and potentially a material decline in residential real estate values."

Even as the economy seems to be stabilizing, mortgage delinquencies continue to rise, with nearly two million foreclosure filings already this year.

The rate of mortgage delinquencies is still above pre-crisis levels and remains unacceptably high.

Beyond mortgage delinquencies, personal bankruptcies are at an all-time high, suggesting that many people are quietly hard pressed even without a downturn.

In August, 2007, with house prices falling and mortgage delinquencies rising, the market for subprime securities froze.

And the Mortgage Bankers Association reported yesterday that mortgage delinquencies fell to their lowest rate in 20 years.

If a there are additional fuel-oil costs this winter, mortgage delinquencies and abandonments could follow rapidly.

Moreover, housing experts warn, mortgage delinquencies could get worse.

When real-estate markets are sluggish, banks are under greater pressure to end mortgage delinquencies.

Not surprisingly, as interest rates rose last year, mortgage delinquencies soared.