“I agree that foreclosure is the only way to clear properties that actually should never have been sold to the buyers because they could only qualify with special exemptions forced by government”
Most foreclosures occurring now are due to unemployment. Not because an ARM reset.
People are currently losing homes due to unemployment.
“Most foreclosures occurring now are due to unemployment. Not because an ARM reset.”
I suspect that is true but we still have massive ARM resets through mid 2012. So far, there are no trend indicators to say this mess is going to do anything but continue to get worse.