We mentioned last Friday the 17th that nearly 300,000 subprime adjustable rate mortgages were set to adjust over the summer months. So this article should be no suprise regarding the fact that foreclosures increased over the last quarter. Just keep in mind that we also said the biggest month for this adjustment on ARMs, however, would be this month. Do not be suprised to see this same article out in January talking about the current quarter.
That said, we continue to preach how this is a great time to buy a house. Rates are down and so are home prices due to increased inventory. All that equals a buyer's market. Take advantage of this time and stop paying so much attention to the media's "outlook". Again, like we have said many times before, this is especially the case for ABQ. We just are not having near the effects that other states are experiencing. Don't get us wrong, we have certainly felt the affects; look at our housing inventory right now (about 10 months worth). But our market is still great, all things considered.
Click on the title of this blog post to link to the article.
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