In September nearly 4 million Americans were either three months behind on mortgage payments or actually in foreclosure, pushing mortgage delinquencies to a new high.

The number of Americans in mortgage delinquency represents 14 percent of all mortgage holders in the U.S. and sets the ninth straight record quarter for mortgage delinquencies.

While the mortgage market collapse started with bad subprime lending practices and products during the housing boom, the rate of mortgage delinquencies is now being driven by rising unemployment as more people lose their jobs and are simply unable to make payments, even on standard loans.

This is especially bad news for Florida and California, two states suffering from the worst rates of mortgage delinquencies and the worst rates of unemployment.

The situation will likely get worse before it gets better, endangering the success of the economic bailout package recently put into effect in the U.S.

The situation will also likely mean that more people will look outside the U.S. for affordable housing and more affordable health care, taxes, and services to make ends meet.