Some people will work at home no matter what their job. Listen to this breaking news story from Union Radio News

If what you do will work at home, make sure you have a home to work from. Telecommuting, home based jobs, and home based business opportunities all depend on space in your house, after all.

A second, far larger wave of mortgage defaults is building acccording to The International Herald Tribune.

One in every 171 households was in some stage of the foreclosure process, an increase of 121 percent from a year earlier, RealtyTrac Inc., a real estate database firm, said last week in a statement.

After two years of upward spiraling defaults, the problems with mortgages made to people with weak, or subprime, credit are showing the first, tentative signs of leveling off.

But with the U.S. economy struggling, homeowners with better credit are now falling behind on their payments in growing numbers. The percentage of mortgages in arrears in the category of loans one rung above subprime, so-called alternative-A, or alt-A, mortgages, quadrupled to 12% in April from a year earlier.

Delinquencies among prime loans, which account for most of the $12 trillion market, doubled to 2.7% in that time.

Nouriel Roubini, professor of economics at New York University, on CNBC said he sees a severe recession that on the economic horizon that might last until the middle of next year, with the total losses becoming as much as $2 - $3 trillion.

What’s the question? Read on.

The worst housing slump since the Great Depression is getting worse. Mortgage delinquencies are still going up. Credit is still getting tighter.

Fannie Mac owns or insures a quarter of all U.S. mortgages, and they saw credit losses go up 66 percent to $5.3 billion. Freddie Mac also had greater losses than analysts anticipated. The worst part is the companies aren’t prepared for what we’re heading into. This thing is going to get worse. and in the last year Fannie and Freddie stocks have plummeted over 85%.

So what are they going to do? Purchase fewer loans and increase mortgage guarantee fees, making mortgages more difficult to obtain just as the government is leaning on them to revive the housing market and keep the economy out of recession.

What can you do? Now is time to look carefully for ways to save and for ways to be more productive. Telecommuting is one method to do both.