I wonder if the people using ARMs are mainly young people, under the age of 35, or those who never bought before. It seems like those over age 45 would remember what happened. The over-55 age group just shakes their head at what is going on with the ARMs.
My friend’s dad has a vacation home in Flagstaff, AZ, which is a Phoenix heat escape. He said home prices have gone up dramatically in recent years, but now every other house or condo is listed For Sale. A glut of listings. He shakes his head at the ARMs. He is probably in his early 70’s.
People do forget, and live as though recent history will continue forever.
