Job cuts adding to growing number of housing defaults

A recent article on the number of foreclosures appeared in the USA Today.

http://www.usatoday.com/money/economy/housing/2008-12-14-unemployment-default-foreclosures_N.htm

The low interest rates are bound to increase the number of refis in the short term as more and more of the introductory ARMs are going to come up for renewal this year - if they have not yet started last year.