Move along, no substantial macroeconomic implications to see here.
What do you do when you really really want that perfect house, but just can't afford it? One option is to take a mortgage that has nice low fixed payments for the first few years before being hit with an adjustable rate. Well join the club, buster - you've got friends. The New York Times is reporting that this type of loan is so popular that by 2007, $1 trillion of our nation's mortgage debt will transfer to adjustable rates. Depending on what interest rates do, mortage bills for some people may nearly double. How many homeowners out there are ready for that possibility?
The Economist also chimes in with a look at global housing prices in this week's edition (via The Housing Bubble)