As this great chart out of CitiBank shows, the correlation between mortgage delinquencies and the unemployment rate is nearly 1:1. In January I predicted that the unemployment rate would hit 10%. That was a prediction I took a lot of flack for, but it is looking modest after March’s unemployment report showed an 8.5% rate. I think we could hit 11%+ by this time next year. What does this mean? It means the woes in the housing market are far from over….