The Washington Post has a interesting article today about the potential tidal wave of foreclosures headed our way due to the resetting of millions of adjustable mortgages. According to the Post article:
“Millions of adjustable-rate mortgages are going to reset in the coming years, possibly to higher interest rates, creating the prospect of a new round of foreclosures.
About 10 percent of all mortgages in this country are scheduled to adjust in the next few years, with the numbers peaking in mid- to late 2011, according to First American CoreLogic.”
We have already seen some of this in the Ocean City, Maryland area, with more to follow– no doubt.
Greater inventory and additional market instability would seem likely to follow as the foreclosures keep rolling along.
The full article can be found -
