November 3rd, 2008 4:11 PM
Arizona: My Hometown on the National Stage
I just returned from my hometown, Phoenix Arizona. Things are tough there, and I feel terrible for the residents. Foreclosures up over 30,000 so far this year. By comparison, in 2006 there were 1500. Some are illegal residents (don’t ask me how they got loans), some are those that ended up under water when their ARM’s reset, and then there is job loss, some tragic family stories I heard of (one foreclosure was the result of both parents dying, the children leaving to live with an Aunt), and finally those that just walk away.
With the economy looking negative, many real estate experts and analysts believe the “Phoenix” will rise again. I hope they are right. Here’s my personal story:

