A very good article on the looming foreclosure risks posed by option ARM loans (http://www.latimes.com/business/la-fi-optionarm28dec28,0,4900304.story?page=1&coll=la-home-center).

These loans were very popular here in San Diego during the late-stage housing boom. The small monthly payments allowed buyers to get into nicer homes than they could have otherwise afforded, and people by and large seemed to assume that the growth to the loan balance would be more than offset by the expected perpetual rise in home prices.

http://piggington.com/the_next_foreclosure_wave

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This is just going to continue to get worse, at least for the suckers who bought property they couldn't afford (read: gamblers).

It works for me, though, when I'll be waiting to grab one of these foreclosed homes in a year. Keep losing homes San Diego, I will be waiting.

I concur!

Same up here in the IE. Keep foreclosing!!

it is rampant here in Temecula. Kinda sad really.