Here’s a rare lesson on macro-economics from DB.com. As The Big Picture reports, things are looking ominous for a lot of American homeowners:
More than $2 trillion of U.S. mortgage debt, or about a quarter of all mortgage loans outstanding, comes up for interest-rate resets in 2006 and 2007, estimates Moody’s Economy.com, a research firm in West Chester, Pa.
I take it there was a house-buying boom four or five years ago? I wonder, will there be a similar trend in Canada?