Mission "Foreclosure" Accomplished Bargain-hunting bloggers are calling it the perfect storm: the combination of rising interest rates, variable-rate mortgages and a soft housing market is resulting in a wave of foreclosures that could turn tidal. Banks started foreclosing on 173,579 homes in the first quarter of 2006, about 5 percent more than in the same quarter last year, reports the Mortgage Bankers Association of America. Delinquencies--which foreshadow foreclosures--were up 7 percent, with 1.6 million loans showing past due. Last week 570,000 houses were in a stage of foreclosure, according to research firm Realtytrac.com , which said its listings--which include categories bankers don't--have grown 39 percent in the last year.- Newsweek.
If you are super liquid (like this guy)
then - this could be a good thing. If you got an ARM - not so much.