The Bridgewaters, Massachusetts

A new twist is emerging in the ongoing real estate overload. There have been a few of them already as mortgage borrowers wrestle with all sorts of challenges that can put their home ownership in jeopardy. This probably won't be the last one, either. Times are rather unusual and fragile not only in the housing market, but also in the beat-up financial industry and the entire economy.

Historically mortgage payment has ranked as the number one priority for consumers, to be made before any other financial obligation. It assures that the roof over the head of one's family stays there, an important incentive. It also makes up for most the largest debt commitment they'll ever agree to and therefore is given extra weight, as it should be. Unblemished mortgage payment record can be a symbol of financial responsibility, and of pride, too. When FICO software figures out a score it thinks in those terms as well.

Mortgage payment has now lost its seemingly everlasting top spot, though, as was disclosed by Auriemma Consulting Group, or ACG, in its latest market research report called Cardbeat. Credit card bills have come from behind and cruised right past it, leaving it fuming in second place, and stunning some industry observers. Struggling consumers have obviously shifted their priorities in a major way.

Take the Southern Nevada - with communities like Henderson, Southern Highlands, North Las Vegas, Summerlin, Rhodes Ranch, Silverstone Ranch, Anthem and Mesquite - real estate market for instance and there are some clear answers to that change. Scores of homes are underwater - the home is worth less than the mortgage balance - quite a bit and with that comes the unfortunate feeling that making payments on a losing asset isn't that prudent any more. The more underwater the property is the more likely it is that the payment will lose weight. Also, it's possible the housing recovery here in Las Vegas will be slow and bumpy, offering little help for homeowners to erase all the negative equity any time soon.

The weakness of the national economy has left the consumer short on cash and left many of them jobless, too. Now they are thinking that credit cards will help them better with everyday living expenses. If something has to give, it's the mortgage payment before plastic. Besides, banks are canceling accounts for late payments, or for no reason at all, and often cut credit lines without blinking an eye. Those rascals. So card holders do their best not to fall behind.

The consumer is responding to what is happening around him in order to survive, that's all. In time the economy will grab and claw itself out of the murky depths and then the mortgage payment will again claim its spot on top of the list.