Foreclosures — No Worries, No Vision
The lending community will plainly tell you that foreclosures are on the rise — in part because of rising interest levels — but don’t worry. According to the party line, there’s no need for alarm because the overwhelming majority of owners will not be foreclosed.
The alleged logic here is in the numbers: 40 percent of all homes are mortgage-free. Of the rest, 50 percent of the loan originations made during the first half of 2005 were fixed-rate loans according to figures from the Mortgage Bankers Association.