Re: Economic Update
Agreed. We have been facing a major foreclosure problme here as it is. Highest in the nation until recently and triple the national average. However, these are the people who weren't credit worthy to begin with. Wait till the credit worthy ones can't get out of their ARMs in the next few years because they have no equity, didn't save any money that they should have been with a lower mortgage payment, or live in a depreciating area. I think something 3.25 trillion in ARMs comes up this year alone. It will be bad. Thank god I never have to represent someone trying to sell a home.
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