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Low interest rates are ensuring that many of these adjustable rate mortgages will actually reset lower this year, saving homeowners money. The Boston Globe did a piece on this.
I belong to the camp that thinks foreclosures, while horribly high, won't significantly worsen as a result of ARM resets this year. For example, my home equity loan payments, which always hover a point over prime, have been free-falling. I'm not alone.
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I agree. I have an interest only loan on my house at 4.8% that will adjust in May. I've already received the letter from the bank and it's only going up to 5.5%. I'm happy with that!
Posted by: Sandra Grenier | January 12, 2009 at 01:15 PM
I belong to the camp that thinks foreclosures, while horribly high, won't significantly worsen as a result of ARM resets this year.
I would disagree as many people were overextended and could not afford the property in the first place. The number of predictied foreclosures between now and 2012 is roughly 8.1 million. To date, a little over 2 million have gone into foreclosure. Those remaining cannot refinance as they are upside down on their homes.
Sooner or later these resets will happen as more countries pull their monies out of treasuries and interst rate begin to tick upwards. All that is happening now is a delay of the inevitable.
Posted by: Fuzzy Bear | January 12, 2009 at 03:13 PM