The Real Deal Miami

More ARMs to reset

June 10, 2008 08:20AM

The next wave of foreclosures will hit in April of next year, according to some industry experts, as adjustable-rate mortgage rates for thousands of mortgages are set to go through the roof. Consumers often took ARM mortgages with hopes that they could resell their homes before the initially low payments were reset at a higher rate. Homeowners in California, Florida, and New Jersey are particularly susceptible.