« Al Gore WILL Be Smeared | Main | Al Gore and UN Climate Panel Awarded Nobel Peace Prize! »


October 11, 2007

Today's Housing Bubble Post - Foreclosure Filings Double

-- by Dave Johnson

It gets worse and worse. Foreclosure filings nearly double,

Foreclosure filings across the U.S. nearly doubled last month compared with September 2006, as financially strapped homeowners already behind on mortgage payments defaulted on their loans or came closer to losing their homes to foreclosure, a real estate information company said Thursday.
And remember, the real wave of ARM resets is yet to come. (ARM resets are adjustable rate mortgages resetting out of their initial, low "teaser" rates to the real interest rate. When this happens mortgage payments can as much as double.) Figure maybe five months after an ARM reset until the homeowner is in such trouble that a foreclosure occurs.

So this is just the beginning of the beginning. And as more and more foreclosed properties come up for auction, prices WILL fall, and fall... until houses are again selling for what they are worth.

Posted by Dave Johnson at October 11, 2007 11:46 AM

Trackback Pings

TrackBack URL for this entry:
http://www.seeingtheforest.com/cgi-bin/mt/mt-t.fcgi/3313


Comments

Post a comment

Thanks for signing in, . Now you can comment. (sign out)

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)


Remember me?



Email this entry to:


Your email address:


Message (optional):


Return to main page