Foreclosures Hit Record Highs
 

According to CNN, the number of foreclosures for the 1st Quarter of 2007 hit record highs. Doug Duncan, the MBA’s chief economist has warned that further foreclosures likely lay ahead, especially as mortgage rates rise and adjustable rate mortgages are reset higher, causing problems for already financially stretched home owners. As homeowner's interest rates increase, so do their monthly payments, and if they are unable to afford their home and unable to sell, they could face foreclosures.