What is going to happen to our economy and housing industry, when the 5 year arms adjust in 2010. My take is, you ain't seen nothing yet. Homeowners are sitting in their homes, not paying their mortgage and banks are now not filing for foreclosure because their inventory is full. This is happening....

 

The Resident Team

 
Posted by Mark Horan P.A. "The Resident Chef" on 09/30/2009 11:40 PM   Comments (7)   Foreclosure in the ActiveRain Channel   foreclosure  
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7 Comments on The 5 Year Arm.

SEP
30
220,686 Points 2 Featured Posts Outside Blog

Hi Mark~ I guess those that did the 5 year arm this year are counting on being able to sell or redo their mortgage in 5 years.  I hope it doesn't backfire on them....
11:42pm • #1
123,352 Points 1 Featured Post

Vickie- I'm talking about the 5 year arms that were written in 2005. That are adjusting in 2010.And there were a lot!
11:44pm • #2
144,525 Points 4 Featured Posts Localism Sponsor Outside Blog Hit Router

I've been saying this all along.  Most ARMS are going to re-adjust in 2010.  It will be very interesting.
11:56pm • #3
OCT
01

I am interested in seeing how this turns out..  The market will be correcting itself for a while
12:12am • #4
123,352 Points 1 Featured Post

Leolinda- I suspect we will get a whole new definition of the bottom.
12:13am • #5
123,352 Points 1 Featured Post

Johnny- what I had not anticipated is the banks stopping the Lis Pendent filings.
12:16am • #6
345,917 Points Outside Blog

Sounds as though it will get worse before it gets better.
2:07am • #7

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Mark Horan P.A. "The Resident Chef"

Kissimmee, FL

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