The Arizona Republic had a front page article about the housing market in Arizona. The title read "Housing Dip Brings Opportunities". I guess this is the old half-empty, half-full scenario. If you are a buyer, you can get some excellent deals especially in Queen Creek. If you are a seller the outlook is not so good as our home values are down 20% in 3 years.
We have a lot of houses in this area that are foreclosing for various reasons but mainly due to the unscrupulous lending practices of many lenders. Now that the boom is over and the bubble has burst many of the ARM loans are coming up for increases. Those individuals with an arm loan who bought during the boom are now faced with large increases in their monthly payments. Some of these people who barely qualified for the loans are having difficult times and are unable to pay the increases. Next step foreclosure.
I just found out that the house next to mine is going to foreclosure. I hope whomever buys it knows how to pick weeds and clean a pool.
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