And more foreclosures are looming. One-third of Washington homeowners who financed with adjustable-rate mortgages are still paying low, introductory rates. Those teaser rates, some as low as 1 percent, will jump in the coming year.
In most other states, those low initial rates have already expired, according to the Washington Budget & Policy Center.
“When they reset, it’s not going to be pretty,” said Glenn Crellin, director of the Center for Real Estate Research at Washington State University.
Good, research-based article with human interest by the Seattle Times reporters. When one contemplates newspapers going away, it’s solid efforts like this that would be sorely missed.
The disaster that is real estate in Washington state seems likely to continue for some time. Plenty of blame to go around. Yes, some people bought houses they had no business buying, but in order to do so all they needed was a “heartbeat” and they got the loans, as the article puts it.
So all of us suckers who played by the rules get to help clean up this stinking mess, and if anyone needs to sell their house because of legitimate reasons like a transfer, an illness or something, the market is all messed up with REO’s and short sales. Luckily our household doesn’t need to move, I’m just sayin’.
So thanks a lot to the wieners who ran Countrywide! We’re likely going to re-finance not only because rates are so absurdly low, but because the thought of writing any more checks to Countrywide makes us want to vomit. I don’t really care who owns them now, B of A is being a bunch of jerks with their credit cards, so they can bite us too.
Strange business strategy if you ask me, hacking off the good customers who pay their bills on time. If B of A wants any money from us they’ll probably need to buy back our loan at a new, fabulously low interest rate. I kind of wish I had a B of A credit card so I could enjoy putting it through the shredder.