Coconino County Repo Homes
The foreclosure and repossession crisis has affected everyone in every walk of life in Arizona.
Coconino County Arizona is home to a portion of one of the most famous icons in the United States of America, the Grand Canton National Park and game preserve. The largest city in Coconino is Flagstaff which is at the junction of I40 which runs east to west and I17 which comes up from Phoenix and Tucson in the south of the state.
Flagstaff is not as bad off as the rest of the state in terms of repossessions and foreclosures. This is not to say that things are not bad here, they are just not quite as bad as they are in the majority of the rest of the state of Arizona today at least the percentage of value lost is less at roughly 13 percent lower than last year. The problem is that the cost of these homes, which was at an average price in 2006 of just over three hundred and fifty two thousand dollars are today sitting at about two hundred and seventy five thousand dollars.
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When things are in this dollar range the loss seems bigger even if the over all percentage is actually less. So while the number everyone looks at, which is the percentage has actually dropped less than the rest of the states larger cities the fact is that the actual dollar value of that lower percentage is actually higher.
To put that in perspective when the average price of a home is at one hundred and fifty thousand and you lose 13.5 percent of that value you have effectively lost twenty thousand two hundred and fifty dollars. When the value of that house is three hundred and fifty two thousand dollars a thirteen percent loss equates to forty five thousand seven hundred and sixty dollars. That is over twenty five thousand more lost dollars at a half a percent less in numbers.
So while on the surface things may actually look better for Flagstaff, when you actually break it down into what matters to people, which is the bottom line in dollars and cents, it is actually worse.
This section of Arizona is obviously where the more economically wealthy chose to live and as a result they are going to be better equipped financially to ride out the economic issues than folks in the southern portion of the state.
