out there? Read this article in New Yorker inearly 2008
The real estate market meltdown affecting consumer spending in much of the nation has been especially pronounced throughout the length and breadth of California, from the Sacramento market to the Bay Area all the way to San Diego County. Lenders have foreclosed on $100 billion worth of homes in the state over the past two years, and they now are repossessing some 1,300 houses each business day in California, according to a study cited this month in the Los Angeles Times.
There is 500B of Option ARMS in this state with 5 year resets automatically figured when the mortgage hits 125% of mortgage. Interest only for 5 years most written in 2005 and 2006…do you see my reason for asking?
Thanks in advance for any info to support or refute this article?