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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: loantech who wrote (46077)	11/24/2005 2:29:52 PM
From: russwinter	Read Replies (1) of 110194

Looking at the 1H, 05 deluge of buy at the top IO mortgages in Bubble locales, Message 21916138 prompts me to ask: how do the resets, readjustments and terms (refi penalty?)typically work on IOs, frequent? Daycare worker buys expensive house with IO. Real Estate Tales From Northern Virginia? thehousingbubble2.blogspot.com One reader shared recent developments in northern Virginia. Highlights, "I just sold my townhouse in Sterling, Va. at what I believe is the top of this market. I thought that it might be useful to describe what I have seen here in NoVa, and share some of the anecdotes I have heard from my realtor friends." "The girl who bought my house, IO loan for 360,000, works in daycare during the day and at Walmart during the night. I give her a lot of credit for working so hard but b/c of the price drop thus far, she is already 70 grand in the hole if you factor in the costs to sell." "There are many neighborhoods in NoVa like that (specifically, parts of Herndon and Chantilly) that are going to be foreclosure city in another year or so. The realtors who I speak to who are not in denial tell me that this kind of buying has happened ALL OVER NoVa, even in the better neighborhoods."

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