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foreclosures: 60 Minutes of Gloom and Doom "The Option Arm" - 12/15/08 09:01 AM
The option ARMs, in particular, lured borrowers in with low initial interest rates - so-called teaser rates - sometimes as low as one percent. But after two, three or five years those rates "reset." They went up. And so did the monthly payment. A mortgage of $800 dollars a month could easily jump to $1,500.
 

Last night 60 minutes did another gloom and doom report on housing. The report focused on the next waive of foreclosures. "The Option Arm" They reported that the fallout from homeowners with option arms will be much worse than the sub-prime fallout.
I … (47 comments)

foreclosures: Fewer Foreclosures in New York than Elsewhere - 07/09/08 08:54 AM
According to a new study by the metropolitan Washington Council of Governments and Freddie Mac, New York is bucking the national foreclosure trend.
The state's numbers dropped compared to last year, and New York City was the second- least foreclosed-on city in the first quarter, just below Boston with 53 foreclosures for every 10,000 properties.
… (0 comments)

 
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Mitchell Hall NYC Real Estate Broker

Manhattan, NY

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The Corcoran Group

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