What is next when people begin to mail their keys into Mortgage Companies? [View All]

[Blackhatjack]

With Calif report that foreclosure notices are up 67% over last year, and that housing inventory is piling up with few buyers, what is next?

People mail in their keys to the Mortgage Companies as their adjustable rate mortgages go up up up with rising interest rates. These homes become more inventory on the market at depressed prices, dragging down the value of other homes competing for buyers.

Plus what about the drop in fmv of homes where people have borrowed most of their equity in home equity loans? They end up owning a home that is worth less than the loan they are paying off.

This could get ugly real fast, and Calif usually leads the way .....