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

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