Can anyone hazard an estimate of monthly income spent on mortgages? I know this is a little vague but I was just thinking I hadn’t heard anything about the affects of increased spending on mortgages on the economy.
Everyone seems to agree there will be a general increase in mortgage payments when ARMs begin resetting. Assuming that there AREN’T massive forclosures and bankruptcies and people ARE able to meet there payments. To what degree would this impact the economy considering these people will be consuming less?
