Rate Freeze Possible, Louisville Foreclosures Down

If you have an adjustable-rate mortgage that is expecting to rise next year, you’ll certainly want to check with your lender because news out of Washington says the Bush administration is trying to provide some relief.

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Elements of the plan include a five-year freeze on interest rates for certain subprime loans, many of which are expected to reset to higher rates in the months ahead.

The good news is in light of what some think are troubling times for the housing market. Here in Louisville, foreclosure filings are actually down from 2Q 2007 and 3Q 2006.

MSATotal Filings1 filing for every #HHPct. Change from Q2 2007Pct. Change from Q3 2006
LOUISVILLE, KY-IN1,696314-1.8-15.3

This is exceptional news when you consider that Bethesda, MD is up 1640.7 over their 3rd quarter 2006 numbers.