The resurgence of ARMs in the real estate market

``The amount of speculation occurring in the housing market is extremely high.  Not to the levels of what was seen between 2005 and 2007 but it is certainly getting close.  For example, the usage of adjustable rate mortgages is reaching multi-year highs.  This is an odd choice unless you have a fanatical belief that home values will continue to go up or that the Fed has god-like powers to control the mortgage markets into eternity.  Yet that perception is very real and perceptions drive a good amount of energy in the housing market. ''