Just when you thought you had already seen the most surprising bit of financial news for the day, then along comes another even further out there in the realms of fiscal fantasy.

The following snippet appears at Zero Hedge :

Data just released by the Mortgage Bankers’ Assn show that more than one-tenth of all US mortgages are delinquent, a new record high. Homes in foreclosure edge up slightly as well. One caveat: the increases are driven by seasonal adjustment, which should probably be taken with a grain of salt given the huge shifts in this sector over the past few years.

Mortgage delinquencies: 10.06% in Q1 (Q4: 9.47%).
Mortgages in foreclosure: 4.63% in Q1 (Q4: 4.58%).

Yes, one in ten US mortgages having payment problems and we are supposed to believe that the economy is recovering well?