I'm right, two years late.
Jun. 15th, 2007 03:19 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
dsrtaohttp://feeds.feedburner.com/~r/ConsumerLawPolicyBlog/~3/125064528/home_foreclosur.html
Summary: US mortgage foreclosure rates are at a 50 year high.
My prediction (made in the 2001 timeframe): all those idiots buying houses that they can't afford on 5/1 ARMs and other silly mortgage products are going to be really unhappy when the interest rates go back up at the end of the initial period. That should happen about 5 years after this silliness starts, so... 2005?
We got a 20 year fixed rate mortgage when we bought the house, refinanced when interest rates dropped, did it again to a 15 year mortgage. Thus ends my financial wisdom. And I admit that I was quite lucky to be looking for a house just before a housing market boom started and at a time of historically low interest rates. It was not luck, but rather hard work and good financial habits, that meant that I could put in a huge down payment.
Many thanks to my father for teaching me, largely through example.
Summary: US mortgage foreclosure rates are at a 50 year high.
My prediction (made in the 2001 timeframe): all those idiots buying houses that they can't afford on 5/1 ARMs and other silly mortgage products are going to be really unhappy when the interest rates go back up at the end of the initial period. That should happen about 5 years after this silliness starts, so... 2005?
We got a 20 year fixed rate mortgage when we bought the house, refinanced when interest rates dropped, did it again to a 15 year mortgage. Thus ends my financial wisdom. And I admit that I was quite lucky to be looking for a house just before a housing market boom started and at a time of historically low interest rates. It was not luck, but rather hard work and good financial habits, that meant that I could put in a huge down payment.
Many thanks to my father for teaching me, largely through example.
