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The New DU. Reply #8: Even more shocking news.
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cliss
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Thu Oct-11-07 04:25 PM
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| 8. Even more shocking news. |
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I just read that there are currently around 5 million homes for sale in the U.S. The article said that there are around 2 million more homes which will go on the market soon.
Unbelievable - but true.
Hard to believe: this is just the beginning of what's to come. I've looked at mortgage statistics. Every month, more and more mortgages will be reset. These are mostly the subprime mortgages. They will reset to much higher rates, some as high as 14%.
March of 2008 will be the highest amount of resets. Something like $110 billion mortgages will be reset.
This is just the beginning.
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