August 14th, 2018 by MG
Well, foreclosures happen of course.
Foreclosures are a terrible thing for many reasons. First, they displace homeowners. Second, if not immediately occupied again they often become a thorn in the side for the neighborhood who has to pick up the HOA fees that now aren’t getting paid. Third, though the banks don’t “dump” the homes, the prices they sell at often end up forcing up other comparable homes to sell for cheaper as well.
But as the market continues to decline, this is par for course. KTAR reported:
Arizona is now one of the top 10 states in the country in the number of foreclosures. But is it going to stay that way?
Realtor Russell Shaw says most of the foreclosures are happening on what he calls the edges of the Phoenix area.
“Buckeye, Goodyear, Chandler — that kind of thing — Apache Junction, Queen Creek. That is where the bulk of the foreclosures will occur.”
That’s where land is plentiful and many investors bought houses they now can’t afford.
As for the future, Shaw says things will stay this way for awhile, but “it’s just almost like Nostradamus. I’ve seen the future. It’s a lot like the past, only longer. So, nothing phenomenally bad is going to be happening.”
But if there is a home in foreclosure near you, it could lower your home’s value, says Shaw.
“It’s not that the lenders who take them back are going to try to dump them at low prices, they’re just going to be selling them at market. But it does hurt the area.”
I think a lot of people will be looking for someone to blame as this continues to worsen.
Check Out Some Related Posts
- Oh The Difference A Year Makes… Why This Century 21 Commercial Should Scare You To Death
- Even After A Record Drop In Sales Prices In November And An Approved Federal Stimulus Package, Housing Still Found To Be Widely Unaffordable
- “Drive Until You Qualify” Foreclosures Nearly Tripled Since Last Year With The Number Of People In Danger Of Losing Homes Quadrupling
- Arizona Breaks Into The Top 3 Foreclosure States
- The Median Price For A Single-Family Home In The United States Drops 7.7 Percent – The Biggest Decline In At Least 29 Years
- Foreclosure Notices Up 240% in Gilbert And Ahwatukee
- Foreclosures Starting To Affect Even The Rich – The Hamptons See More Foreclosures
- Chase Bank Cuts Over 400 Jobs In Arizona
- Real Estate Flipping Done Wrong – How A Seller Cheaped Out And Lost Over $100,000 As A Result
- Was The Subprime Meltdown Caused By Cash-Out Refinances And Bankruptcy Reform?