Arizona Ranked #3 In The United States For Most Foreclosures
According to a CNBC article, Arizona has one of the worst housing markets as of Summer 2011. One in every 273 households have gone into foreclosure and often end up vacant. That is at least 1-2 foreclosed houses in each neighborhood in Arizona.
I’m no real estate guru, but I have a pretty good guess on why this came to be. Before the housing bust, houses around Arizona were overpriced. The upswing in prices was due primarily by investors and landlords. Most of these lived outside of Arizona, usually in California. The investors with the big money outbid one another, driving prices up for those who live in Arizona.
For example, a house I once owned in Arizona was sold to us for $349,000 at the height of the housing boom. When the housing market turned sour, many homes in our neighborhood became abandoned and became eye sores. Some would be purchased after they were foreclosed and then rented out. This drove down the prices in my neighborhood even more, and brought in “undesirables” into the area.
Because of the area turning into “the hood”, we were desperate to move. In order for us to leave, our $349,000 house was sold for $180,000. We had to go the “short sale” route, and I’m thankful we did. The area I lived in was once an area where the riff-raff could not afford, so I thought we were safe from the criminals. The housing market changed that and the neighborhood turned trashy. A drive through that neighborhood would reveal numerous for sale signs and weeds in the yard.
Arizona Is Slowly Becoming California
Californians are flocking to Arizona, bringing their attitudes and ideals along with them. For some reason, home builders are falling into the Californian way as well. Every house is bland and boring: Spanish-tiled roofs, painted some shade of brown and built too close to the next house. Some homes here are built so close together that their roof lines actually overlap each other! This is becoming very common, and it doesn’t make any sense to build that close due to fire hazards. You could literally walk from rooftop to rooftop without jumping…just take a step. You might as well live in an apartment. Some houses even share driveways…mind did.
Stay tuned, I will take and post photos showing the hilarity of Arizona houses.
Ever see the Cat In The Hat movie?