What's happening to our neighbors, and perhaps some of us, right now

apparently an unusually large number of adjustable rate mortgages that were made were made either 3 or 5 years ago this coming October, so they begin to adjust to market rates in about 5 weeks.

a mortgage broker I see at my upper-middle class gym in DC (who used to be Teddy Kennedy's legislative assistant) says he expects to see a very large number of foreclosures immediately after that