Saw this quote recently in www.thedailyreckoning.com:

“The Chicago Tribute reports that foreclosures are up 38% over a year ago. But the big increase in foreclosure rates are still, most likely, ahead. In the next 18 months, $2.7 trillion worth of adjustable rate mortgages are to be reset at higher interest rates.”

Pretty scary how much more interest could be collected after the next 18 months, but the rise in foreclosures should bring down the price of homes dramatically. Should be an interesting few years.

Advertisements