Arizona Bank Foreclosures – An Unstable Housing Market

The housing market in the US is very unstable at present, this has been seen in the amount of foreclosures taking place. Arizona Bank Foreclosures are nearly topping the list with Arizona being the fourth state in line for the highest amount of bank foreclosures taking place.

People have been left jobless in the worsening economy and fortunately new President Obama Barack had already started a $300 billion campaign for tax cuts to aid the failing economy while he was still only President – elect. This campaign is designed to aid struggling individuals and businesses overcome the effects of a poor economy and he has high hopes that this proposal will be useful.

A great many people have been left jobless after businesses have had to make employment cutbacks. The jobless then fall behind in their mortgage repayments and then fall prey to the foreclosure process. The more foreclosures that come onto the real estate market, the lower real estate prices become, and this has caused the housing market to become extremely unstable.

As president Barack takes over control of the US he inherits one of the largest economic and housing crisis’ the US has seen since the Great Depression. Housing prices continue to drop and bank foreclosure rates continue to climb. But hidden within this is a very interesting political scenario. Politico’s have been asking themselves if the foreclosure crisis indeed aided the new President in being elected?

The top ten states with the highest foreclosure rates (Arizona being at number four), carried a large block of voting individuals. During times when the economy is strong, there are still foreclosures taking place across a diverse group of individuals. However people who are in fear of losing their homes to bank foreclosures during economic duress share more than just one common interest.

During the voting, the so-called “purple states” saw dramatic shifts in votes with Obama Barack receiving 159 votes and McCain only 25. All of these states shared a common interest; massive foreclosure rates and an unstable housing market due to low property values. Politicians are aware of this shift and how these states came to the fore in the voting process, so it has not become unthinkable that the emphasis on the successful presidential election was based on economic and real estate data, other than traditional polling methods.

Tax breaks are another of these common interests and these could mean that people will get their jobs back, as the President is planning to assign tax credits to businesses who provide jobs to people. He is also planning tax breaks for the middle class and this could mean the difference between not being able to afford to pay a mortgage and being able to pay it. There are high hopes that the foreclosure crisis may be stopped and the economy saved by the Presidents’ tax break proposal.

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