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Old 08-04-2011, 11:40 AM
 
Location: Utopia
1,999 posts, read 10,529,147 times
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americas-sickest-housing-markets-247wallst: Personal Finance News from Yahoo! Finance


Note: Poor Tucson is #1.
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Old 08-04-2011, 02:17 PM
 
Location: Chandler, AZ
35 posts, read 59,154 times
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I would define sickest by percent of underwater home owners.
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Old 08-04-2011, 06:03 PM
 
9,891 posts, read 11,677,003 times
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Phoenix Business Journal Date: Thursday, February 10, 2011, 1:35am MST
Nearly 70 percent of all homes with a mortgage in Phoenix area were under water at the end of 2010, according to online real estate marketplace Zillow.com.
Phoenix-area home values dropped 11.6 percent 2010. A 53.6 percent drop from the Phoenix real estate market’s peak. This is twice the national average decline.

If there is a double dip in the recession which is expected by many economists, this is going to really effect the Phoenix housing market, as more people just give up on saving their home when they realize they are getting more underwater.
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Old 08-05-2011, 06:02 AM
 
9,673 posts, read 11,030,809 times
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Quote:
Originally Posted by oldtrader View Post
If there is a double dip in the recession which is expected by many economists, this is going to really effect the Phoenix housing market, as more people just give up on saving their home when they realize they are getting more underwater.

If there is a double dip recession, then your home in Montana will also "really be effected". Same with my 2 homes in MN as well as everybody's 401K / stocks.

As I have said many times before, economists have done a terrible job at predicting what will happen. That's because there are so many variables that go into modeling the economy that it is impossible to predict it with a great level of certainty.

But I do agree that we are in uncharted waters. It's looking like the government's stimulus (QE1, QE2, low interest rates, raising the debt ceiling) only served to kick the can down the road but the jury isn't out. Confidence is eroding because our bonehead leaders refuse to cut the waste and allow any pain which HAS to be felt (taxes or cuts or both). So when these economic tricks expire, we may finish with the ongoing recession that wasn't finished correcting. In other words, these federal reserve tricks might have just pushed out the recession by a couple of years while piling on more debt. In hindsight, maybe we should have left the financial markets crash. At least this dooms day guy thinks so (See Double Dip Recession? More Like Depression Says Peter Schiff | Breakout - Yahoo! Finance ).

I for one don't want to go though life planning for the worst because our government officials cannot manage us out of any troubles. I suspect some including Peter Schiff likes to drum the worst possible scenario. After all, I didn't have these feelings just one week ago. But I do agree that there are some pending risks in our future. I THOUGHT our stupid a$$ leaders could make some tough decisions. I guess not. So our fate is left in the hands of leaders in Europe and the States that LOVE to spend more than they take in to get re-elected.

Last edited by MN-Born-n-Raised; 08-05-2011 at 06:18 AM..
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