Dang whens it gonna stop?
The US housing market is killing the international money markets. First Mortgage, the 16th (16th!!) largest lender yesterday laid off 6000 employees... this coming on the heals of other blow ups in the last few weeks.
The Sub-prime market is coming to fruition, with those that got low rate (high risk) loans in 2004-2006 who's adjustable rates are coming up for conversion. In an article in this weeks Time magazine, they said some barrowers will see their monthly payment RISE by as much as $1512.00 more per month than they are paying now.
We in Michigan know Detroit is under the gun, with thousands of foreclosures the last two years. The article focused on Denver this time, and man... how do you sell a house in Denver when the builders are willing to sell new homes for $100K less than they are appraised at?
It's estimated that foreclosures will show a 55% increase this year over last, with next year being even worse.
Evidently South Florida too is having issues with thousands of new condos and homes going unsold?
Might be time to look for a vacation home?
The US housing market is killing the international money markets. First Mortgage, the 16th (16th!!) largest lender yesterday laid off 6000 employees... this coming on the heals of other blow ups in the last few weeks.
The Sub-prime market is coming to fruition, with those that got low rate (high risk) loans in 2004-2006 who's adjustable rates are coming up for conversion. In an article in this weeks Time magazine, they said some barrowers will see their monthly payment RISE by as much as $1512.00 more per month than they are paying now.
We in Michigan know Detroit is under the gun, with thousands of foreclosures the last two years. The article focused on Denver this time, and man... how do you sell a house in Denver when the builders are willing to sell new homes for $100K less than they are appraised at?
It's estimated that foreclosures will show a 55% increase this year over last, with next year being even worse.
Evidently South Florida too is having issues with thousands of new condos and homes going unsold?
Might be time to look for a vacation home?