Timely, relevant FHA news has been pretty scant these days, forcing me to continue posting about the depressing state of the housing market. Here’s more. Sorry.

If you don’t feel up to reading the whole report over at CNN Money or Moody’s Economy.com here’s a snippet:

The worst-hit loan category will be subprime adjustable-rate mortgages (ARMs). Economy.com expects foreclosures for those loans to hit 10 percent of that group by mid-2008. The foreclosure rate for that group is currently 4 percent and was as low as 2.5 percent in 2005.

Hmmm…Subprime ARMs are ruining things….If only there were a solution for people in desperate need of refinancing….If only FHA loans were being modernized….

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