From Clusterstock:

As housing-market observers fight about whether we've hit the bottom or are just seeing the "mother of all head fakes," it's worth remembering that we're approaching the second wave of mortgage resets.

What's a "mortgage reset"?

It's when the homeowner who bought a house with a low "teaser rate" and planned to refinance as soon as the house price went up suddenly gets a new payment that is far higher (not always, but usually).

Often, homeowners can't afford these resets.

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