CNNMoney recently wrote an article about the upcoming subprime mortgage bust.
From CNNMoney:
“In October alone more than $50 billion in ARMs will reset,” according to Mark Zandi, chief economist and co-founder of Moody’s Economy.com. That’s a record, according to Zandi.
As a result, Doug Duncan, chief economist for the Mortgage Bankers Association (MBA), is expecting as many as 600,000 home owners will get into trouble with perhaps half of them actually losing their homes.
Unfortunately, this is not good news for the selling market but where there is bad news for some there is good news for others, buyers.
To see the a list of the hardest hit zip codes in America, click here.
To read the entire article form CNNMoney, click here.
