tsunami of foreclosures coming
We all knew the outrages adjustable-rate mortgages of the recent past where going to cause big trouble for many Americans. However I think the wave of Foreclosures coming will be very big. Check out this article from BusinessWeek which supports this thoery.
Those easy-mortgage chickens are coming home to roost.This fall the adjustable-rate mortgages (ARMs) that millions of Americans took out during the recent housing boom will be reset, and many homeowners will see their monthly mortgage payments shoot up by as much as 20%. According to the Mortgage Bankers Association, of all mortgages financed in 2005, 36% were ARMs — the highest ever.
When will the tsunami of foreclosures hit? – Buying a House – MSN Real Estate
technorati tags:foreclosures
From Boom to Bust
The Party is over! Now the hangover starts…
In data released Tuesday, prices declined in more than 61 of the 275 cities tracked by the Office of Federal Housing Enterprise Oversight. And the deceleration has been fast: The agency reported that the decline in quarterly appreciation was steepest in more than three decades.
technorati tags:Home sales cool, bust
