Well, please notice the chart starts in Jan '07. It's hardly as if there haven't been loans that have already re-set?
The chart I've seen the most oft quoted is the Credit Suisse Re-Set chart and I believe it goes BACK to 2005. So there's a whole lot of lit sticks of dynamite being passed around.
The inventory we see stacking up already will pale when compared to the wave after wave surely coming. The problem for many of these people is that even if rates remain low they are under water and have now equity as prices continue to plummet. Since there's no more "100% Financing" they won't be able to re-fi their way out of this one!
6 comments:
...And cue the massive tax-payer-and-inflation-funded bailout courtesy of Hillary '08.
Correction: interesting SUMMER 2009
FB stops makin payments in spring 08
It takes 11-12 months to foreclose in CA
Then the bank sits on the REO for 1 to 3 months before it hits the MLS.
THEN you see the home on the mls which has not had a 'payment made on it' in about 15+ months and counting.
this will last years. effing awsome huh.
great blog.
I agree
Well, please notice the chart starts in Jan '07. It's hardly as if there haven't been loans that have already re-set?
The chart I've seen the most oft quoted is the Credit Suisse Re-Set chart and I believe it goes BACK to 2005. So there's a whole lot of lit sticks of dynamite being passed around.
The inventory we see stacking up already will pale when compared to the wave after wave surely coming. The problem for many of these people is that even if rates remain low they are under water and have now equity as prices continue to plummet. Since there's no more "100% Financing" they won't be able to re-fi their way out of this one!
DinOR
Uh... that should read, "and have NO equity"
DinOR
YIKES!!!!!!!
Lots of homeless poor people hitting the streets in a bit. LOL!
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