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Up To 67% Of Phoenix Homes Are Underwater
Jay Butler, head of Realty Studies at ASU, was interviewed by ABC15 in Arizona saying that the number of underwater homes in Phoenix may be as high as 66-67%. This means a complete bloodbath for housing prices is still just beyond the horizon, not to mention that the true state of bank (and GSE) balance sheets is deplorable, and if there was even an ounce of reporting or mark-to-market integrity, most banks would be completely insolvent right now.
And since we now live in a land of endless home-payment subsidies, here is how Fannie Mae is responding to this once in a lifetime perfect storm, courtesy of its homepath.com program, which is now requiring just 3% down for a home purchase (worse than pretty much anything during the housing bubble), and according to some interpretations, requiring essentially no money down after one factors the various consumer-level government stimulus payments. That this will all end in another real estate bloodbath is the clearest writing on the wall ever.
h/t Housing Doom
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This city shall rise from the ashes like a...GM's subprime-business model.
I'm not up to snuff on my mythology, does the Phoenix always arise from the ashes?
The key concept being "ashes".
Fire is necessary for the healthy forest.
indeed it is. but man keeps trying to put out all the forest fires in the west, anyway. just like this god damn government keeps putting out all this disaster crisis and this depression with fake money, water . similar, ah, throwing good money or water to control natural events. it's like they think they have power over nature and gravity. americano's at least, believe man has the power to control, nope. w i n d water s u n (fire) earth.
healthy forests, pine beetle winning.
your funny cause south Arizona is like living amongst the ashes.
the phoenix/bennu was originally a symbol for the rise, fall, and return pattern of the sun. later, the creature also became a symbol for the human journey of life, death and rebirth.
How does that definition of insanity go? Something about repeating the same action over and over......
I left Phoenix a few months ago, Phoenix had structured most of it's economy on housing, other than Motorola and Intel there is little tech or manufacturing. Talk about malinvestments. I think the City has downsized it's planning and development departments by over 60%. I'm sure there will be deals to be made in Cave Creek where subdivisions to nowhere have been constructed, 4,000 sq foot homes 40 miles from nowhere. I'm glad I left when I did. No offence folks in Phoenix/Scottsdale but you got a whole lot more pain in the pike.
Motorola hasn't been doing so well, and Intel's way of doing business is to bring in a bunch of foreigners on the H1-B visa program, instead of hiring local people with a long-term committment to the community.
Before this is all said and done, the only requirement needed to qualify for a mortgage will be a voter registration card.
a library card, if you can find one not closed down.
lol or a Zero Hedge profile
no collateral required for non- anonymous profiles, anonymous ones must put up 0.5% equity to loan
And remember, when all is said and done, a lot more gets said than done...
when all is said and done, a lot more gets said than done
bumper sticker
Steam on a mirror
Mortgages won't exist once everything is said and done. Cash only, bitches!
A drivers license. We give them here in NM to anyone who appears alive.
Phoenix...LMFAO...get real. Come see me in Detroit and I'll show you the real ugly side of this story.
and the other 33% are free and clear?
Work on your spin, or you will never make it in the new normal...
Making mortgage payments is still not a problem for thousands of Phoenix home owners as economists continue to see signs of a recovery in housing. Pulte Homes' stock confirms this recovery as it has exploded up more than 8% in the last month.
Horse shit...familiarity improves recognition.
And still, the Banksters are enjoying themselves down in the Bahamas.
http://www.youtube.com/watch?v=UZY1W_iEUhc
Rusty, that was so serene, sweet, and wonderful. Really wish I had been there. Nice Post.
Please don't insult pigs like that anymore. Okay? I mean, I hate to pull out the big guns but I could bring in the Humane Society on this. I don't want to, but, ya know, pigs have rights.
- umm, good point MsCreant, I will make a formal apology to the pigs.
There are a couple of them kicking your front door in, even as I type this....
Today's bankers, tomorrows Chorizo con Huevos
Did you notice the Bankster pigs keep swimming no matter what? They head for the boat, but if nothing is proffered, they keep on moving. It's either paddle like hell or sink (sleep?) with the fishes.
Too late. The market is immuned to bad news. What else ya got?
Ron Paul just got elected president? Would that do it?
Don't tease me like that.
well, congress is there. so, no.
Needs a total sweep, even the staffers. I agree. And then we are still hosed.
Honestly, this is a worst-case scenario. If Paul and other right-thinking people came to power, immediately audited the fed, ended fiat currency, and perhaps even defaulted on existing debt obligations, the resulting turmoil would be blamed on them, even though they would merely have catalyzed a reaction that had been building for almost a century.
What's needed is for TPTB to stay in power all the way to the bitter end, so everyone will know EXACTLY who's fault it all was.
The problem with this is what are the chances they will be able to hold on? Do a party swap, scape goat the foreigners or minority ethnic group and kick off a new wave of tyranny.
You give the average person to much credit. The vast majority will simply root for their color, blue or red while the ship burns. And after the ship is sunk they will likely continue to vote for their favorite team.
Joe sixpack will need no help... this party crashes on its own. Regional political power prohibited them from passing the baton to a single world government... the noose tightens... trust me, it will be painfully obvious who is to blame.
I'm not saying we'll do anything about it or even be in a position to do something should we desire on the backside of this thing... but J6P will be well aware of who is to blame and no amount of propaganda or fear mongering will sustain the lie.
The antibodies in the system (FED cartel) would not allow him to be elected.
No problem. Listen boys, as long as the fed keeps buying stocks twice a week, whos gives a rats ass, right? Nothing to see here, perfectly normal when over 50% in a major city are underwated. Whats wrong with that? Dow is up today.
Spoken like a true protege.
How ironic that one of the driest cities in America could be so flooded under bad debt.
Nice.
Good morning, Cog Dis!
Hey, my brother forwarded a song to me - some (two) of most poular words used on ZH. It's a catchy little ditty. Enjoy.
http://www.youtube.com/watch?v=pc0mxOXbWIU&annotation_id=annotation_58330&feature=iv
Village Idiot,
That's one the very few song and video links that I've really enjoyed!
DavidC
http://www.youtube.com/watch?v=EsPYJIat0lo&feature=related
If I remember correctly Deadwood set the record for F bombs per episode, didn't it? Personally I loved it. When used properly, as I believe it was in Deadwood, it's almost poetic.
The only G rated place out west in the 1800's (and early 1900's) was on TV. Where being presentable in public was defined as making sure you wore your cleanest dirty shirt, swearing was part of the everyday language.
Good one, Rusty.
If I had just closed my eyes and listened, I would have thought it was just one of our morning meetings at the last big job I worked on.
HA, I've been in few meetings like that !!
LOL, very nice.
It does appear that Cee Lo Green is contributing to the delinquency of minors with the lyrics, but it's all in fun, right? :>)
Oh, one more thing - zh is a community. Peace.
Sent from my I phone.
Apparently many disagree with my supposition.
I think it is a community for some, and not all, and that is okay. Modern life in the RW is like this too, locals who hang out, others who drift in and out. It is okay to be both. I also think for some this is a home base, stop in, check your perspective against others, move on, come back after a while, it's still here.
It's all good. What disparagers think is irrelevant. They know what their experience is for them and that is okay. I know what my experience is like for me. How could I be "wrong?" It's mine. :-) As I see it, no conflict.
.
So let's dedicate this song to them - fuck you.
Edit: Shit out ofsequence I am trying to do this from my crackberry while I shop for laxative - kid is constipated - never mind. Out.
Here comes the prescription for...
constipation is >polyethylene glycol (Miralax). It causes water to remain in the stool resulting in softer stools.
It's also a component of corexit.
no, they think down below, are huge aquifer's from heaven and McCain.
no problem, aquifer, bitches.
Ha! Monsoon Season. There is water, it's just transitory, and sweeps away everything as it rushes down stream.
A "bubble" is not just one sphere in the case of the housing bubble. It's a conglomeration of bubbles, all of different sizes. The whole housing market is volatile and in a constant state of flux. The movement of people (migration, if you will) is going to be the determining factor. Of course, if there is no job to be had, or a retirement environment that is attractive, there will be no housing acquisition in the biggest bubble markets. The government is just adding water to the bathtub. All that does is move the bubbles around and affect their individual sizes a bit. Draining the tub will attenuate the mess.
That's OK. The Chinese will buy our homes. I remember being told that during the housing bubble, so it must be true.
Chinese aren't buying their own houses. From what people gwt out of their state run media, there are many vacant new homes sitting.
Well, they might buy the house, but they sure as shit can't afford to come visit. Them sumbitches be po'!!
With this many houses underwater in Pheonix, why hasn't FEMA been notified? When Bush put 67% of New Orleans underwater, the media crucified him. Obama puts 67% of Phoenix underwater, and no one says a word. Do we just like New Orleans better than Pheonix?
"Do we just like New Orleans better than Pheonix?"
That would be "yes".
Not sure Bush or Obama caused either situation, their reactions (solutions?) to the situations should be equally crucified.
Do you think Bush could have done more to prevent the crisis in Phoenix than Obama?
flooding in Phoenix? must be global warming...
Apparently you've not been in Phoenix in January.
Sad and funny at the same time.
Dick Bove says 44 out of 45 US banks already have met the 2019 capital standards. Buffett says NO chance of double dip.
Meanwhile millions of Americans live in constant stress concerning their mortgages, jobs, etc.
Oh, and look at the REITs today. To the moon! Will be interesting if the PPT tries to rally stocks again today, or if they will let the controlled decline throughout the day...
Can you imagine someone at Smells Fargo, a bankster coven heralded as one of the strongest that in reality is the granddaddy of insolvency, coming out and saying, 'We aren't just insolvent, we aren't just double secret insolvent we are cosmic s%*t sandwich insolvent..., hell we could gulp down another TARP whole and still be gurgling for oxygen. I mean seriously folks we got about 1.7 trillion in QSPE and I'd be damned if I could find a handful of that crap that would realistically be 90% of par (maybe the quadruple A stuff) and brother the whole boatload would have to get to 94% to not wipe out in total our Tier One Kapital. We are Tier None. We've shuffled off the mortal coil, run down the curtain and joined the bleedin' choir invisible!! THIS IS AN EX-BANK!!'
Sadly, if this exact event occurred, no one would give a shit. Nothing would change.
Act accordingly.
"We are cosmic shit sandwich insolvent."
Now THAT, is a bumper sticker.
Beautiful alliteration too.
Reminds me of the "Dead Parrot Sketch"
You wanna be a lumberjack, right?
Bullish. It's not a bubble if people are buying into it
Haha
expecting housing to lead the "recovery" is like expecting Pets.com to lead out of the 2000 recession.
I wonder if they made more money on their sock puppet sales, or shipping big bags of dog food to people at slim margins (shipping for free?). Negative net margins? Oh, but we'll make it up on volume... hahaha.
I remember fondly when a company would add a ".com" to their company name and the stock would pop 30% in one day. Sad.
OT: Well into September and volume does not seem to have returned...
Why are so many "experts" expecting an improvement would have happened by now, or will soon?
WHAT BASIS DO THESE PEOPLE HAVE FOR EXPECTING THAT????
These experts should meet a guillotine!
@ Bubbles
Looking at your avatar - does "braaaap" mean anything to you?
If government policy can't hold or push-up the price , than hyperinflation will result. Oh, never mind it's hyper baked into the cake already.Got Gold?
"Got Gold?"
Yes, but.... ups... my wife, having no deep financial knowledge, just cooked it yesterday.
Have to by new provisions.
Seems like our economy these days is kinda like Dick Cheney. Walking, blood-flowing, talking, and shitting but without an actual pulse.
I like how you left out "breathing". . .
dejunk'd.
Hah, thanks. Apparently there's some Cheney fans around. My (bad...intentionally) joke referred to Cheney's new heart pump, that moves his blood but leaves him without an actual pulse.
Surely,
.. wanking and blood-sucking.. (must be a tyfo..)
Another dejunk for you.
What, does Dick have that many aliases on ZH?
Just take simple solution proven to work twice in Europe: World War on own ground.
But without heroic street fighting please - wooden walls don't stop bullets!
'head of Realty Studies at ASU'
fucking awesome title,did his grandfather serve ice on the Titanic?
hell, Realtors got a capital R. you don't receive that honor by being an ice server, now do U, oddjob?
Knowing multiple homeowners in AZ, lots of them made a killing on their first home and used that equity to upgrade into another mansion. So, they may be under water, but from the start, there are not that bad off....yet.
some of those flippers also bought their "summer homes" at cooler elevations in Flagstaff, pushing up the prices beyond the reach of locals (oh, the story of the decade, repeated ad nauseam), leaving neighbourhoods dotted with houses only used a few times a year, no community wanted/needed. . .
chickens------>roost.
Seriously? They're not bad off? If people are under water, that means they lost all that previously rolled-equity. That situation is commonplace for people who "made a killing" on their previous place. They might have put 50% down on a mansion - but guess what? The price is now 55% lower! So they're paying on debt more than their assets will ever be worth again. And you characterize them as "not bad off"?
Headlines like this will surely put the onion out of business.
Maybe the city of Phoenix should use the image of Morticia cutting dead roses as their new mascot. Of course this could all be good for Hover Dam which is rumored to run out of enough water to generate power as soon as 2013.
A lot of Chinese into Las Vegas, but they have gambling and whores.
Detroit and Phoenix not so much.
The general US economy took a 30% haircut. Eventually, so too will stabilized housing prices and everyone's income.
The real unreported survival story are families moving their kids and parents under one roof. Three generations under one roof is not a bad thing, social security to fill in the blanks, free child care, maybe the kids can learn a thing or two from an older generation that knew something about character and the difference between right and wrong. What was the US like before WW2? Watch and find out for yourself.
If you have the cash and the rents are right, its a smart time to buy, but the banks still have tricks up their sleeves. Why sell the homes when you can be a landlord forever?
I'll wait 2 years before I buy.
With the shadow inventory still waiting to throw-up, why rush ..?
My dental-field-dedicated financial advisor (a serious ZH reader), says dentists in Phoenix are especially hard hit, some filing bankruptcy this month. He's "never seen anything like it."
That makes me happy that the dentists are taking a good hit.
Phoenix has no future. More to the point: just about every relentless global trend, from declining wages to expensive energy, to water issues, is now set to work against a city like Pheonix. It's population, given resources, would be better suited at around 100K people. We'll see Pheonix decline, and shrink, for decades. Zero growth. Forever.
GG
ROFL. When people don't think, they say nothing.
Now first off. No one on this Earth has a future. But not because of the environment, because of the economic system. Thus whether or not we survive isn't a matter of fate, but choice.
We choose private owned debt over the general welfare of the U.S., or anywhere in the world. Where else do you think it goes when this is the stated preferred method of recourse. Austerity for bailouts. Less fire coverage, more fires. See if you can find a fucked up statistical model that shows you that isn't the case. Notice any fires recently? Not here in phx, but around the country?
Now as for Phx. Water is not a problem. Ever heard of NAWAPA? Must not of. It's an actual idea, but the retards don't want it.
Not to mention when the earth is covered with ~70 percent ocean, only the short sighted fool would say water should EVER be an issue on this world.
Expensive energy? Why? Nuclear costs 1.5 cents per kw/h if done right. Fusion would be a million fold power capacity increase beyond whatever we do. Only idiots want fossil fuels or GREEN *wasteful* bullshit.
No the only way Phx goes down, is if the REST OF THE WORLD, and of course all of my fellow USA goes down. With Dumb in charge (Nerobama) and Dumber ready to take over (Republicans...including Ron 'I'm the idiot that believes gov't should not do anything' Paul ), its a certain the crap will hit the fan. But then again the republicans won't even put Paul (their bast candidate) up. Idiots.
When the pubs (pronounced PUBES) take back power and show Wall Street they are the old professional whore who really knows how to polish them off, and of course doing the same thing Obama is doing, because Obama is following the republican's playbook.
Lots of people who just don't know reality, but are quite ready to accept doom by the same people they hate so much. It's beyond idiocy.
Will Phx go down? No more or less than EVERYONE ELSE. So suck it up. Impeach Obama. Pass NAWAPA. Glass/Steagall or Die. Point the finger at the biggest idiots, the republicans, and actually fix our problems with the real solutions that have been in hand since the beginning. ALL OF THIS was unneeded. It was a CHOICE, by those we put in power to go down this road.
This is the part where the people should take there heads out of the sand, not put them in it. Obama bought the republican wall street bullshit and made it the democrats problem now, coupled with clinton it looks damning.
But people would have to be dumb fuck clueless retards to not realize where the ideas came from, and whose cocks they would suck harder and more frequently when they are in power. The republicans. Just like our national republican retarded distraction fiasco, sb 1070. SB1070 the opium for the republican dumbass masses. More republican bs is on the way, as if the 40 years paradighm we live in that was created by the republicans, wasn't theirs.
Does anyone really realize that with a dead locked congress, whatever is the CURRENT law will be the LASTING LAW until at least 2012? That means good ol' helicopter ben has all the power in the world to do whatever he wants, and congress won't be able to stop him. Because we know how the republicans will vote then.
Also realize our numbers of being underwater, really aren't any different from every other house in the U.S., and pretty much WORLD.
Impeach NerObama. Pass NAWAPA. Pass Glass/Steagall.
http://www.larouchepac.com/updates
Creative destruction my ass.
Bringing water from Alaska creates more issues than it solves. We can't build enough nuclear fast enough to meet and replace our rising energy consumption, let alone dedicate enough nuclear to desalinization because as you say "dumb fuck clueless retards" want to live in a desert.
By the way, I love the Sonoran desert...but living within it, unless you adapt and adopt the sacrifices of living in a desert, is sheer stupidity, these residents will be the first to fall off the evolutionary ladder.
Exactly. Why is Phoenix in any worse shape than, say, Los Angeles? Last I checked, Los Angeles relies more heavily on the Colorado River watershed than Phoenix. Said watershed is shared by Phoenix, Las Vegas, and Los Angeles. Phoenix, otoh, has 100% of the rights to the Salt River and Verde River watersheds. The Salt is overflowing right now, and the river is running for the first time since probably 1990. What people who say Phoenix should only have 100k residents fail to comprehend is that before the suburbs were built up, that land was farm land, which required more water than stucco houses.
Sure, when the Colorado River allotment runs out, people in Phoenix might need to redo some landscaping or make more use of reclaimed water for landscaping, but the city is not going to die because of the water problem.
They just need to stop building new houses for a couple of decades, and everything will be fine (relative to the rest of the country).
thanks ShatteredArm
your quite knowledgeable about the west's water woes.
ever read. damn good insight.
Cadillac Desert - Wikipedia, the free encyclopedia'The Salt is overflowing' Sure, because the Tempe Town Lake dam burst!
Phoenix will not die because of water woes, in the short term. It is dying because of empty strip malls and upside down real estate. It was the poster child for the real estate boom, where it's economy blew up quickly as the housing bubble ramped. It is dying now because the housing bubble is bursting. It is dying now because it has been hit hard by outsourcing in industries like aviation. Phoenix is indeed in worse shape the LA, as an example, because of these things.
ex VRWC - longtime Phoenix resident, sitting and typing in an office building in Phoenix with 45% vacancy, like most of them around here.
LA, invented, devised, built, and invested in phoenix, their winter getaway. golf courses, damn.
check out the wasteland they call the desert between tucson and phoenix. what a mess, just an incredible dust bowl with ghost subdivisions, now. talk about another scary death to south Arizona, or as
Max Keiser calls it.
NORTH MEXICO
border, bitchez
Queen Creek, indeed. Developers to Phoenix - 'What we need is a few more Eloys in this state'. So they built them. Darlings of developers to ghost towns in a few short years. North Mexico is even closer than that though. Five or six miles from here, in Phoenix. Parts of town where no sign is in English, and you would swear you were at a strip mall in Juarez. Minus the corpses hanging from overpasses of course (at least yet, give it time).
ex VRWC
oh yeah, i have direct experience. between the white old farts (snow birds) limping around to life and no sign in english, no thank you. when the revolution comes, i don't think my GPS positioning is very great, here in NORTH MEXICO.
what is a VRWC
Sir Rodham C. Hillary coined the term a few years back - the Vast Right Wing Conspiracy that was out to get Billy-boy. The moniker refers to a journey into post-partisan thinking.
I can't figure out if you're brilliant, psychotic or an idiot.
don't rule out all 3 .
I shall remain open to all possibilities.
Ya get that feeling a lot around this site...
It's true that the economy was overly dependent on construction. It was a bubble. That's why I said in 10-20 years, when natural population growth catches up with existing housing inventory, it will be fine. While Phoenix does have problems with outsourcing, every city has those problems. You think Phoenix has it any worse than Detroit? Aviation leaving Phoenix (generalized: offshored manufacturing) is a United States issue, not a Phoenix issue.
Phoenix definitely has its challenges, but it's nothing like the poster a couple levels above mine stated.
Fed and financial institutions pulling out all stops to keep market and housing prices afloat in hope of an economic miracle. See the article about Affordable Advantage...you too can buy home with as little as .67 down, if you have it.
No mark-to-market and banks put a million people in homes at current market prices you've just successfully kicked the can down the road for at least another 18 months. Surely there will be an economic miracle by then...
http://www.cnbc.com/id/39097208/
Excellent, so I'm not alone here in the Valley of the Sun in my underwater state.....most of my neighbors are in there with me. At least the surrounding desert will stay undeveloped for a while...
Y'all are sounding like Spring 2009 again.
No worries lads. Sooner or later we'll get a for-real-this-time 1000 point DOW crash which will stick around and cleanse the sinuses like a whiff of smelling salts. Why be short?
Screw it. I have put 2 properties under contract to purchase in the last 10 days. I might add that they both were superb buys.
What did you buy?
Why buy now when you can get anything you want free soon when the shit hits the fan?
There are plenty of opportunities for people who work hard and know what they are doing.
RS is a pro and I'm genuinely interested in where he is finding value.
There is opportunity out there Gromit. Just like always though, it never knocks. The people that thought it knocked on their doors are the ones under water right now. Profitable opportunities have to be found and they are few and far between. I think the key is to purchase at VERY deep discounts and too not get in a situation where someone else can end up owning your property.
What the fuck was the thing dangling above the guys head in the first video?
Either a tree branch moving in the wind or a voodoo charm used to ward off falling home prices.
I say voodoo.
You do?
I do....voodoo that is....do you?
now see, you have gone cuckO_O, along with your vO_OdO_O.
A UFO, aliens need NINJA loans too!
I can just see Kang & Kodos beefing about whether the market's hit bottom.
Down the street from me is a house for sale
Remax sign says >>> no down payment
100 % financing.. What a deal..
Here we go again....
Pitkin County includes the city of Aspen, Colorado. probably a lot of second and third homes in Scottsdale, AZ.
Foreclosure filings have topped the 100 mark this year in Pitkin County, and as of last week were just under the total number filed in all of 2009.
There were 105 foreclosure filings in 2009; so far this year, the Pitkin County treasurer’s office has received 103.
Pitkin County foreclosures approaching new recordNot surprising. On average, homes in Phoenix have 85% of purchase price financed, meaning directly after a transaction they start out with about 15% equity.
In 2008 average transaction prices dropped by 22% and in 2009 by another 28%.
Any home purchased from about 2004 onward would have had all their equity wiped out. Just since 2005 there have been over 700,000 residential transactions in Phoenix.
Youre saying 2008 and 2009 combined home prices have dropped 50%? Not around here they havent, not even a 10 drop in 'home valuations' nothing near it. Its the FED's job to assure bank balance sheets never drop!
double post, site is broken today
I'm not "saying" anything, I'm just relating some basic calculations performed on deed transactions in Phoenix over the last few years. But hey, maybe the county recorder lied about all of them, what do I know!
Saw a house yesterday in a quite upscale neighborhood thats been for sale for 12 months and now has a 'deep price slash' sign out front. Used to be a waiting list for any house buyers in that area.
I live in Phoenix, Paradise Valley actually, which is a town within the city. Anyway, just got my property taxes in the mail. Funny how values are WAY down, and my property tax, and everyone else on the nearest 2 block radius went up 20 to 25%!
The same budget divided into a smaller grand total assessment means higher property taxes for some and lower for others. Of course, it'snow evenly apportioned. Theoretically.
How long have you lived in the same home? How often does your town reappraise the property that's being taxed?
Bought the place during the last major downturn 1989. County reappraises every two years. What they did was greatly increase the limited cash value and decrease the full cash value. The taxes are computed on the limited value using their secret "formula". There's a house three doors down going up for auction end of the month. Can't wait to see what it goes for. They will have to use THAT price for the next valuation. A friend of mine is a realtor, just signed papers on a house that was listed for $950,000. It sold for $350,000.
Las Vegas and Phoenix are very similar. As a real estate agent in LV, I would say we are easily 65-70% underwater, with everything built and sold after 2004 more has seen values drop by more than 60%.
If prices stop falling, and with a 3% annual appreciation rate, it will take over 20 years for most owners to get back to even. This is why the "strategic default" option is increasing in popularity in this city.
Removed...duplicate.
was there a flood, did a damn break, that is a lot of houses underwater? I feel bad for the pets.
you should feel bad for the pets, even if their owners aren't underwater. i swear the pets get the raw end of the deal, for these sorry ass people.
The coming bloodbath is certainly not being reflected the current pricing for condos and single family homes...
Thank u, i found this for a long time.
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Normal summer consolidation and the 1Y0-A23 pattern of the PPT and affilliated Bullion banks slamming gold just before the jobs report is what took the market down and recent revelation in regard to BIS being blatantly involved in the Bullion manipulation game and now bailing out a massive "commercial" read "bullion" bank are LX0-102 probably an indication that we are seeing some large financial entities that are taking off take of physical metals and there is a consequent commercial signal failure. Normal summer consolidation and the pattern of the PPT and affilliated Bullion E20-322 banks slamming gold just before the jobs report is what took the market down and recent revelation in regard to BIS being blatantly involved in the Bullion manipulation game and now bailing out a massive "commercial" read "bullion" bank are probably an HP0-J38 indication that we are seeing some large financial entities that are taking off take of physical metals and there is a consequent commercial signal failure.
Las Vegas and Phoenix are very similar. As a real estate agent in LV, I would say we are easily 65-70% underwater, with everything built and sold after 2004 more has seen values drop by more than 60%.
If prices stop falling, and with a 3% annual appreciation rate, it will take over 20 years for most owners to get back to even. This is why the "strategic default" option is increasing in popularity in this city.
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Las Vegas and Phoenix are very similar. As a real estate agent in LV, I would say we are easily 65-70% underwater, with everything built and sold after 2004 more has seen values drop by more than 60%. links of london