The variable rate mortgages increased house payments by as much as 50 percent for some people.

Property values have appreciated to the point where homeowners have flexibility and there's a way out. Lenders are more flexible because there's more equity.

If that number starts to spike, that is a red flag.

When you couple the higher bills that people with adjustable loans saw with the higher-than-expected energy costs, you see a lot of homeowners stretched beyond the point where they could make their payments.