Prime ARMs Fall Into Foreclosure Too
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Daily Real Estate News | February 5, 2008
Prime ARMs Fall Into Foreclosure Too
Subprime adjustable rate mortgages have gotten a lot of publicity, but the holders of prime ARMs are also going into foreclosure.
"The fact is the pain of the changing real estate markets is affecting more than just subprime borrowers," says Keith Gumbinger, vice-president of HSH Associates, a New Jersey-based financial information publisher. "It's more important to think of it as perhaps an ARM problem and a rate reset problem, not just a subprime problem."
Here are the top 10 states with the largest percentage increase in the last year of foreclosure actions relating to prime adjustable rate mortgages.
Arizona : 902 percent
Florida : 708 percent
Nevada : 668 percent
California : 661 percent
Delaware : 447 percent
Hawaii : 369 percent
Virginia : 362 percent
Idaho : 344 percent
Louisiana : 321 percent
New Hampshire : 245 percent
Source: BusinessWeek.com, Prashant Gopal (02/01/08)
Prime ARMs Fall Into Foreclosure Too
Subprime adjustable rate mortgages have gotten a lot of publicity, but the holders of prime ARMs are also going into foreclosure.
"The fact is the pain of the changing real estate markets is affecting more than just subprime borrowers," says Keith Gumbinger, vice-president of HSH Associates, a New Jersey-based financial information publisher. "It's more important to think of it as perhaps an ARM problem and a rate reset problem, not just a subprime problem."
Here are the top 10 states with the largest percentage increase in the last year of foreclosure actions relating to prime adjustable rate mortgages.
Arizona : 902 percent
Florida : 708 percent
Nevada : 668 percent
California : 661 percent
Delaware : 447 percent
Hawaii : 369 percent
Virginia : 362 percent
Idaho : 344 percent
Louisiana : 321 percent
New Hampshire : 245 percent
Source: BusinessWeek.com, Prashant Gopal (02/01/08)
작성일2008-02-05 10:30
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