Early on in the crash of the housing market, people and pundits were quick to point out that mortgages that were either delinquent or in default were a very small percentage of total mortgages outstanding. That even the sub prime loans were suffering no more than a 4% default/delinquency rate. This they pointed to as proof that the housing crash was not a big threat and therefore we should stop worrying about it.
The problem with that is that it was in the here and now. When the real threat was what was going to happen to default and delinquency rates. The Economist has an excellent article discussing the various percentages of different types of loans that are in default or delinquent. Plus, as always, they have a jim dandy chart to go with it.