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Strategies & Market Trends : John Pitera's Market Laboratory
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To: John Pitera who wrote (7432)10/16/2006 8:19:46 AM
From: Patrick Slevin  Read Replies (2) of 33421
 
Some ridiculous percentage of mortgages are now ARMs or Interest-only.....or both.

A rise in rates will crucify many people in such a position.

A friend told me yesterday that a friend of his sold a home in the Hamptons and had to bring a check to the closing. He bought it for something around $950 and sold it for $468.

That's an area you'd think would hold up but a lot of it is seasonal, and it's a fair distance from NYC. Gasoline out on the Island is much more expensive than closer in to Manhattan if I recall correctly.
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