Communities that will be hit hardest by rising interest rates and their effect on adjustable-rate mortgages are concentrated in the South and Midwest, according to a report released by watchdog group ACORN on Tuesday.

According to the group’s study, "The Impending Rate Shock: A study of home mortgages in 130 American cities," the top 10 areas most at risk for "rate adjustment shock" include Detroit and Flint, Mich.; Memphis, Tenn.; Jackson, Miss.; McAllen, El Paso, Laredo and Brownsville, Texas; Springfield, Ill.; and Birmingham, Ala. ACORN is an acronym for Association of Community Organizations for Reform Now and it advocates for low- and moderate-income families.


REJ

---