Late last year real estate agents were sounding alarms about a pending tsunami of foreclosures on the North Shore. It doesn’t appear to be happening.
The Woodstock Institute’s Q2 2010 report was recently released, and the pickings appear to be relatively slim for foreclosure foragers in the more populous North Shore communities.
Foreclosure filings for Q1 2010 were: Evanston, 85; Highland Park, 37; Lake Forest, 15; Wilmette, 19.
Low Interest Rates. People who had reseting ARMS are paying a much lower rate by letting it float than people with locked rates. A 5 year ARM that was taken out in 2005 reset to 3% in 2010. Sure there is intrest rate risk there will be not that many foreclosures with almost free money. This is good.
Well, this trend may lend credence to the theory that the rich won’t really be hurt by this downturn.