Our higher priced homes are starting to be affected by a more normal type of recession forces. Our last leg down was induced by sub-prime loans. This time it is the "pick-a-pay" or option pay loans that are starting to reset.
Home owners in these loans are running negative equity and are not only underwater based on prices but worse due to negative amortization. Meaning they have only paid interest only or less than interest.
Find higher end foreclosures here
Friday, May 29, 2009
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