Feeling some heat? Interest rates are up or so the government tells us. What do you think? Housing in the United States has peaked. There is a price to pay for those who own interest-only and pay-option adjustable-rate mortgages.
Over the last few years some people got 100% financing for their homes. Mortgage default rates will be rising very soon. As housing prices fall more people will be under water. Foreclosures will create a tough environment for builders of new homes. From my perch driving by the METROBROKERS.com signage on the number of homes for sale in greater Atlanta I see it has swollen from 76,000 to 91,000 over the past couple of months.
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