US mortgage problems are growing fast, bad news for recent homebuyers and the riskier lenders who funded them, but a buying chance for people sitting on cash.

• Missed payments on FHA loans (low-down-payment mortgages) have jumped into double digits, more than doubling from a year ago.
• The people falling behind mostly bought recently at high prices and high rates, and now can't keep up.
• Banks are safer than in 2008 due to new rules, but non-banks funded by pension money are the ones in trouble.
• Home prices are already down over 10% from the peak, even though realtor groups paint a rosier picture.
• There's a push to let private equity tap people's 401(k) money to bail out failing funds.

Outlook: Expect more late payments and falling home prices this summer, with rising food and gas prices adding to the strain.