About 1.1 million foreclosures are likely to result from jumps in monthly payments on adjustable-rate home-mortgage loans made in 2004 through 2006, according to a study by First American CoreLogic.
Christopher Cagan, director of research at the real-estate-information concern based in Santa Ana, Calif., said those foreclosures are likely to occur over six to seven years and won’t be enough to damage the national economy. (Financial markets could be hurt, however.)
“The vast majority of borrowers will be fine,” Dr. Cagan said.
More: Economy Can Withstand More Mortgage Foreclosures – By James R. Hagerty, The Wall Street Journal
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