Foreclosures in Arizona?... Say it ain't so.
I've had a few friends and relatives share the following article with me about foreclosures in the Queen Creek area. Why are there so many foreclosures in this area? My guess would be that people are greedy. We had a major building boom in this area in the past 5 years. There were stories about people buying houses cheap and then reselling them for huge profits. Every Tom, Dick and Harry suddendly mortgaged themselves to the limit with shady loans so that they could become flippers. (I blame the TV show Flip This House). So that's my theory.
Has the foreclosure situation stopped the builders from building like crazy in this area? - No. It has however affected resale values in this area. If you need to sell quickly, it may not happen. If you need to make a profit on the sale of your house, don't count on it. But if you want a new house in a new neighborhood for a decent price and don't mind a long commute to work - then Queen Creek and Pinal County is the place to live.
Here is a link to the news article:
Note: I was amused that my relatives in Ohio and Florida saw this article in their newspapers before we saw it here in the Phoenix area.