... fed by deflationary mortgage rates, right?

uh, oops:

U.S. mortgages in foreclosure climbed to a record high in the first three months of 2003 as job losses and personal bankruptcies forced more people out of their homes, a mortgage industry group said on Friday...

While benefiting from the lowest borrowing costs in more than four decades, Americans have been straining to meet their mortgage payments and credit card bills.