Tuesday, August 28, 2007
Via the always reliable Calculated Risk, this chart comes from a Bank of America research paper. The chart shows, inbillions of dollars, the amount of adjustable rate mortgages re-setting each month from 2007-2009. It isn't pretty.
A lot of people have been talking lately about troubles in the housing market, though in New York, we haven't really seen any effects just yet. The bad news is, on a national basis we have barely begun to feel the pain, and while New York may be behind the curve, we are not immune.
Several years of unsustainable double-digit growth combined with the long-overdue credit contraction will lead to serious declines in the US housing market. And that does include New York.