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Old 08-16-2007, 08:12 PM
 
5,342 posts, read 14,156,223 times
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Quote:
Originally Posted by kjcramer View Post
I was a little surprised actually. It's not just bad in AZ, other parts of the country are in much worse shape because more of the loans were sub-prime in those areas. My wife works for a large national lender and from what she has seen, Arizona over all has some stricter lending laws. A lot of other states that had less restrictions (IE: Michigan) have much higher default percentages if not higher total defaults.

Strickter lending laws like what for example??
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Old 08-16-2007, 08:34 PM
 
Location: La Jolla, CA
7,284 posts, read 16,706,728 times
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Quote:
Originally Posted by kjcramer View Post
Yep, here it comes. Only a matter of time.

A lot of people are not done throwing their keys at the banks yet either. Plus values are inflated anyway at least in my opinion. A few places here have been on the market since I moved, for more than 1.0 million. Not worth it, and not moving (obviously). Eventually, someone has to pay for it.
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Old 08-17-2007, 01:54 PM
 
5,342 posts, read 14,156,223 times
Reputation: 4700
Quote:
Originally Posted by kjcramer View Post
I was a little surprised actually. It's not just bad in AZ, other parts of the country are in much worse shape because more of the loans were sub-prime in those areas. My wife works for a large national lender and from what she has seen, Arizona over all has some stricter lending laws. A lot of other states that had less restrictions (IE: Michigan) have much higher default percentages if not higher total defaults.
I believe AZ is one of the worst areas. Michigan & Ohio are in a different boat as their problems are more related to lost industries.
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Old 08-17-2007, 06:27 PM
 
Location: Cave Creek
15 posts, read 53,901 times
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I went to a real estate training session yesterday and it appears we (in AZ) are just beginning to feel the effects. It is very scary out there. Just go on Craigslist and type in "Queen Creek" and look what is going on inn the valley. It's going to get much worse here.
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Old 08-18-2007, 12:42 AM
 
Location: Tucson
42,831 posts, read 88,234,998 times
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Quote:
Originally Posted by Ponderosa View Post
I can't follow the link but I think it refers to the report that came out a couple days ago. The headline was the same and I presume the data are as well. Phoenix/Mesa is NOT in the top 10 on that report - it was number 22 based on foreclosures per number of households. Tucson was around number 46 or so. While high by historical standards, neither Tucson nor Phoenix has an alarming foreclosure rate. We'll have to see how recent developments in the credit market impact things.
Looks like we're getting there...

Government Auctions & Arizona Foreclosures AZ Bank Foreclosure Homes

I'm surprised Pinal doesn't have more than that. But, hey, the 2-year ARMs haven even reset here yet...
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