Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: John McCarthy	3/25/2008 7:57:34 AM
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ARM Resets .... don't know the veracity of these numbers ... SERVERE EDIT Approximately 51 million mortgages were outstanding in the United States at the end of 2006, again according to the Census Bureau. LoanPerformance recently tracked approximately 5 million ARMs, and found that 1.3 million, or 35 percent, of the 3.7 million prime ARMs, and 2 million, or 92 percent, of the 2.1 million subprime ARMs were scheduled to reset this year or next year. That 92 percent sounds like a big number, but the total number of ARM resets amounts to only 3.3 million loans, or 2.6 percent of U.S. households. Degree of pain varies among metro areasFurther, national numbers tend to mask regional variations, which show that homeowners in some cities have suffered far more than homeowners in other cities have indiapost.com

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