I don’t know why I torture myself reading articles about real estate. Earlier this week it was reported that the housing slump will last longer than previously predicted. Bad news for anyone trying to sell their houses. Things aren’t good in this part of New York, and from what I understand it’s even worse in California. That state has the highest number of foreclosures in the country. All those people who took out adjustable-rate mortgages when the market was piping hot now can’t afford them. Some of these people look to California mortgage refinance to help lower the interest rate and their payments so they don’t have to lose their homes. People didn’t always think when buying their houses back then. (Back then? What? It was just a couple years ago, although it seems like ages.) Hopefully a refi can help and they’ll learn to make wiser decisions in the future.
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