Phoenix Repo Homes
The Phoenix area market has been in trouble almost from the first day of the current real estate and financial crisis. Homes here were way over mortgaged with many people having second and third mortgages. Back when it was easy to get the additional mortgages with virtually no trouble people took advantage of the lax requirements and took out a second and in some cases a third mortgage on the property.
A lot of times these mortgages were in no way based on the borrowers ability to repay. The lenders played with the numbers on paper until they were actually able to facilitate the figures needed to support the loan. For a while it actually worked and people were happy. Then the bottom went out of things and no one was able to withstand the pressure and as banks closed people started getting foreclosed upon and property started getting repossessed.
Phoenix is not a lot different from other areas in Arizona and the story is much the same across the country. It just so happens that the Arizona market has been so bad that it is ranked fourth highest in the country in foreclosure and repossessions when it comes to property since the start of this crisis.
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Things in this state are worse now if you look at the numbers than they were back in the big depression that ravaged the country. There are a number of factors that came together to make that happen and that is the subject of another much longer article and debate. Suffice it to say that the reason that the country as a whole and Arizona in general is in such dire straights has more to do with a common emotion than it does with anything else.
Greed drove lenders to bend and even break some existing rules to make it possible for people to over extend themselves and then the desire to have the nice things that people wanted drove them to accept the loans that they knew they would not be able to afford. But as Americans we were not willing to admit that there was a possibility that the market was going to crash and burn around us.
Unfortunately it did come tumbling down and a lot of people and families are getting burned today because of it. There is no end in sight at the moment and we have not yet hit bottom so things will get worse before they get better.
