Well, its beginning to happen. According to RealtyTrac, an online reporter of foreclosure sales, the number of foreclosurers are surging.
"Rick Sharga, RealtyTrac's vice president of marketing, says the rising foreclosure numbers are in part the result of rising monthly payments on adjustable-rate mortgages, which have a low introductory interest rate that heads higher after an initial period."
We have been telling you this was going to happen. Read the article here: RealtyTrac
Here is the Ford news. The Detroit area is way past a recession: Ford cuts 14,000 jobs
