November 24, 2007

Have we seen worse of mortgage crisis? (AP)

A home is advertised for sale at a foreclosure auction in Pasadena, Calif. in this Aug. 14, 2007 file photo. Some 2 million homeowners hold $600 billion of subprime adjustable-rate mortgage loans, known as ARMs, that are due to reset at higher amounts during the next eight months. While not all these mortgages are in trouble, homeowners who default or fall behind on payments could cause an economic shock of a type never seen before. (AP Photo/Reed Saxon, file)AP – When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get.

Filed under Real Estate Blog, Real Estate Business by Yahoo! News: Business - Real Estate

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