Foreclosure Crisis

The housing collapse has caused a 23% fall in housing values nationwide and one area in the southwest has been hit particularly hard. A subdivision in southwest Phoenix could be described as ground zero of the housing collapse with 130 houses for sell, almost every other home. One home was bought for $308K; but is now selling for $130K. At the height of the housing boom, potential buyers had to place their name in a hat just for a chance to buy in this subdivision; but now it's almost impossible to sell. Economists are suggesting several solutions for fixing the housing collapse, such as mortgage modification and lower interest rates; but there is no consensus on which fix would be a magic bullet

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Howto & Style

Tags:

• foreclosure
• foreclosure crisis
• home values
• housing collapse
• housing crisis

[AntiBullS]

they bought this property for 300 000 and they should pay 300 000 with interest why do they look at current values ? what if in 10 years values going to be in tens of million ?

 what are they going to say then ? so much grief for nothing .pay your dues and shut the hell up .

[Anothercoilgun]

Oh, and why are the selling if owned for such a short time. Its ti live in not to make profit. Stay and the value will raise.

[Anothercoilgun]

Do every think right! The right thing to do is get rid of middle men banks in the first place. Architects design the house, contractors build the house, buyers buy the house. Stupid piece if crap banks get in the middle of screw us all to hell.