Its a good thing we have realtors to rely on when it comes to the direction of the market, otherwise we’d have to look at sources like the Washington Post.
A Look Ahead To the Great Resetting
About 10 percent of all mortgages in this country are scheduled to adjust in the next few years, with the numbers peaking in mid- to late 2011, according to First American CoreLogic. Those loans are worth about $1 trillion, and nearly 20 percent of the borrowers who have them are already seriously behind on their monthly payments…………..
The most vulnerable borrowers will be those with “option” ARMs, which tend to be concentrated in places, like California, where home prices soared then plunged precipitously.
It’s all fun and games when you can “pick-a-pay” your way to a nice affordable payment, but when they want all that stuff like principal and full interest somebody always gets hurt.
