Wave of Foreclosures coming

With millions of adjustable-rate mortgages about to reset this fall, experts expect a wave of foreclosures by Americans in every income bracket. Here’s why they could soar in late 2006 and beyond.

When will the tsunami of foreclosures hit? – Buying a House – MSN Real Estate

It is only a matter of time before people will have to turn in their keys. It’s a sad fact but the adjustable-rate mortgages was a bad idea and Real Estate people were too willing to sell this product. The adjustable-rate mortgages was just a product of the booming real estat market of the past, where people thought valuation would keep going up and rates would stay low.

technorati tags:adjustable-rate mortgages, Foreclosure

New Home-Sales down

Everyone has predicted the end of the super hot housing market. Now many of the industry leaders are starting to confimr the bouble has popped.

WASHINGTON – Sales of new homes dropped in July by the largest amount since February while the inventory of unsold homes climbed to a record high.ADVERTISEMENTTheCommerce Department reported Thursday that new home sales fell by 4.3 percent last month to a seasonally adjusted annual sales pace of 1.072 million units. The decline was the largest since an 11.5 percent plunge in February.

New home sales drop 4.3 percent in July – Yahoo! News

You can also listen to an NPR podcast on this exact topic click here to listen

technorati tags:New Home-Sales down