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On Fox Business discussing foreclosures

Here's a link to the video of me discussing foreclosures on Fox Business this morning. It's sobering.

And here's the embed:

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Posted by Spencer Rascoff on 09/30/2009 01:51 PM

Comments (6)

6 Comments on On Fox Business discussing foreclosures

SEP

Thanks for the link.. I missed this one!

Spencer, I work the Southern Orange County market in CA and our market isn't as bad as the media makes it out to be. They lump us with Riverside County which is much worse than we are.

Thanks for giving us the link I enjoyed watching it.

SEP

As always, Spencer, very informative.

I think the adjustments that will cause the biggest problems are not necessarily just the option arms but the 5/1, 7/1, 10/1 interest only programs that will reset to amortizing loans, that could be a $200-300 increase in payment if the rate stays the same.

Valorie is spot on, Riverside County is in much worse shape (now), but the option arm originated in the OC and as those begin to reset it could be disastrous.

Very interesting. Thank you. Do not have much of what you discuss in my portion of the Ozarks - retirement area. We are affected here by our retirement buyers not being able to sell their homes to get the money to move here.

OCT

In my market (ATL) I think 30% combined would be on the low side. Distressed sales are driving the market here. It seems to me more like 40-50%. How long can we really expect the Fed to artificially hold interests rates in check?

OCT

Elva,

The Fed decided to extend their program of buying MBS thru Q1 -- a 3 month extension. Most economists think that when they let that program lapse, mortgage rates will rise by 0.5%-1.0%. Gulp.