Obama has done a great job at convincing banks to keep the tidal wave of foreclosures off the market, but eventually market forces will prevail and these homes will flood the market. The truly scary part of this report is the break down in mortgages that will be underwater, with 89% of option adjustable rate mortgages underwater by 2011 on a national basis.
More startling is the statement that 90% of all types of mortgages in Las Vegas, and parts of Florida and California will be underwater.
Buyer Beware - I have said it is a Great Time to Buy a Home, but you must be very careful. Before you buy, I highly recommend you read my post about why it can be a great time to buy or a great time to get trapped - Click Here
Saturday, August 8, 2009
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