The reality of it is we are not out of the woods yet not even close. The best year in the GGAR MLS was 2005-2007. The majority of those loans were 5 year arms, then 3 year arms. If this is the case then in 2012-2014 we are going to see those arms expire which means the rates on those loans will be higher and most home owners will not be able to afford to stay in those homes. Keep in mind we don't know which of these home owners are unemployed which will also factor into this equation. The outcome for many will be going into foreclosure. With the amount of foreclosures on the market already there will be an influx of many more. What is a home owner to do? Sell quickly. rates will most likely be going up soon and the tax credit will be expiring soon.
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