ROUND TWO Of The Mortgage Reset Game = Foreclosure
DingDingDingDingDingDing!!!! ROUND TWO!!
Still think that the government is not trying to suck every last penny out of your pocket, leave you without property under your feet, and place you in a position of serfdom? Then why did they do everything in their power to prop up the veneer of solvency for the banks and NOT put a floor under the housing market? There is still a trillion dollars in unreported losses floating around out there. It’s been how long since they knew the subprime mortgages were resetting, and that the housing market was imploding? Still think that Obama, his henchmen, the progressive republicans AND THE FEDERAL RESERVE give a hoot about the average American?
The average rate on a 30-year loan has jumped from about 5 percent to more than 5.3 percent in just the past week. As mortgages get more expensive, more would-be homeowners are priced out of the market—a threat to the fragile recovery in the housing market.
How about those millions of foreclosures flooding the market and threatening the fragile recovery? Or those millions of people that are priced out of the market because, well, they DON’T HAVE A JOB ANYMORE?
And if you wanted to refinance at a super-low rate, you may have missed your chance. Mortgages under 4 percent are still available, but only for loans that reset in five or seven years, probably to higher rates.
Yet another round of let us take your house, your money, your life….in five to seven years. Whoever thought that a significant portion of the population would be stupid enough to get an adjustable rate mortgage? Whoever thought people would still be so gullible.
Rates are going up because of the improving economy and the end of a government push to make mortgages cheaper.
For people putting their homes on the market this spring, rising rates may actually be a good thing. Buyers are racing to complete their purchases and lock in something decent before rates go even higher.
“We are seeing some panic among potential buyers who have not found houses yet,” said Craig Strent, co-founder of Apex Home Loans in Bethesda, Md. “They’re saying: Man, I should have found a house three weeks ago or last month when rates are lower.”
If a potential buyer was not able to find a house three weeks ago, that person is a total moron or this story is a total whitewash considering the amount of homes on the market right now. What say you? You aren’t that stupid are you?
Just you wait until the commercial real estate market really starts to reset. Woo Hoo! Gonna have some fine times then!