San Diego Real Estate Blog

I have to admit the term “Exploding Arms” brings up an apocalyptic picture of loans blowing up and families running for cover. I also think the picture is quite accurate. I was reading an article in CNN Money titled “Foreclosures spike 112% - no end in sight” and the writer used the term “Exploding Arms” in the article. The article is what you might guess it was about from the title, foreclosures and how bad the foreclosure numbers are getting. The article stated that in 2008 there will be $362 billion worth of adjustable rate mortgages that will reset to much higher interest rates. The term “Exploding Arms” was used to describe the adjustable loans that I pictured sitting like time bombs just waiting to hit their reset date and BAM!!!!  BANG!!!!!! BOOM!!!!!!!!!!!!

It’s kind of like that if you’re the family loosing your home. No there’s no actual shrapnel or loud explosions or body parts flying around … It’s lives that are being torn apart… dreams that are coming to an end …… a slow painful dull sickening feeling in ones gut that has them shell shocked – dazed – confused. What to do from here? What about the kids, what school will they go to once we move? Where will we move? What do we do? I’m ashamed! What will my friends and family think of me? My pride has kept this a secret too long! Now what?

If you know someone who is having there home foreclosed on ask them if there’s anything you can do to help. Many families losing their homes need someone to talk to and usually that’s all. Maybe having them over for dinner or a BBQ and seeing if you can just be there to listen. People losing homes are your neighbors, your friends and your family. Most of them got caught up in the dream of home ownership and things went wrong fast. In the long term this will be a lesson learned and a builder of character and for many a strengthening of Faith. And the American Dream of Home Ownership will be alive and real again.

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This entry was posted on Wednesday, May 7th, 2008 at 3:22 pm and is filed under South Bay, San Diego New Homes, San Diego MLS, San Diego House Values, East County, Central Inland, San Diego Real Estate, North County Coastal, North County Inland, Central Coastal, Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.