Tuesday, August 21, 2007
SignOnSanDiego.com > News > Business > Dean Calbreath -- S.D. housing market may only be in eye of storm
SignOnSanDiego.com > News > Business > Dean Calbreath -- S.D. housing market may only be in eye of storm: "This trend will worsen next month, which is the two-year anniversary of the nationwide peak in the housing boom. By October, more than $50 billion worth of adjustable-rate mortgages will require higher monthly payments, and that number is projected to grow by more than $30 billion each month through September 2008, according to the Credit Suisse banking firm. Because many of the borrowers could scarcely afford to make their payments at the teaser rates, they are going to be in a bigger bind when the rates adjust upward. Even if the Federal Reserve moves to push interest rates lower, many borrowers will be forced to sell their homes at a loss or go into foreclosure. Already, the number of"