Foreclosures skyrocket, jump 100 percent in Phoenix, Arizona

Phoenix Business Journal ^ | Feb 11, 2015 | Mike Sunnucks

[petercooper]

More home “owners” that should be renting.

[exit82]

Unexpected!

Especially in the light of this terrific economy. /s

[Veggie Todd]

Yeah, let’s give mortgages to people with zero down payment and a shaky job history. What could go wrong?

[joethedrummer]

Whaaaaat???

I thought dear leader says the economy is back and robust!

Boy, I’m SO glad he slowed down that bad old recession Bush left us... just think, things would have been SOOOO much worse!!! ;-/

[certrtwngnut]

We live in the small town of Belvidere, N.J. population 2800. We have approximately 25 vacant homes that the owners just walked away from. The value of our homes has plummeted and taxes have soared. Welfare has increased as have food stamps. We are so screwed.

[Corey Ohlis]

I guess we can expect more “Property Wars” reality TV.

[stephenjohnbanker]

“Unexpected!”

Everything IS, under Obama

[george76]

Atlantic City, Las Vegas and eight Florida cities post highest metro foreclosure rates.

http://www.realtytrac.com/news/foreclosure-trends/january-2015-u-s-foreclosure-market-report/

[M-cubed]

What could go wrong? <<<<<

Nothing!...when the US taxpayer holds the mortgage instead of the bank!...You don't think a bank would offer let alone hold a mortgage like that if they couldn't pass it on to Fanny or Freddy do you??....No risk to the bank and they get the fees

[Kickass Conservative]

It’s Deja Vu all over again...

[grania]

Here's the not-unheard of scam. A buyer gets that mortgage with next to nothing down and a very low interest rate. Pay the mortgage for a few months. The best way to move on is not to sell the house, which is time consuming and probably won't net a profit. It's a better financial deal to just stop paying the mortgage (and maybe other bills too) until there's a foreclosure. If the people in that house do it right, the adults that live there don't have attached financial lives. So when that house is gone, someone else with a clean financial record can get another house.

The only way the scam isn't a winner is if the homeowner has some skin in the game.

Am I advocating this? Of course not. But I do get it how some people can reach that point.

[Former Proud Canadian]

Many will be renting. Imagine what will happen when interest rates go up again. ZIRP and NIRP will not last forever.

[dragnet2]

No problem, just bring in more and more foreigners with money, Muslims etc. They’ll buy the homes Americans are losing.

[Gen.Blather]

I drive around neighborhoods searching for homes to buy. It’s incredible how many are obviously vacant. When I finish one I get deluged with requests to rent. So, they’re not empty because the demand isn’t there. They’re in the ghost inventory. I know of one, belonging to a divorced friend where his ex and then the kids continued living in it free for over three years. When he last checked a month ago, the bank has still not filed the initial papers for foreclosure.

[dragnet2]

Better yet, you can rest assured your government will be bringing in millions more foreigners with money and they can buy up all the homes and rent them to broken and beat down American middle classs. At least the one's who still have part time jobs..

A win win for the IRS, biggov, banks etc....

[cableguymn]

If they cant afford the mortgage chances are good they cant afford rent.

[353FMG]

But US Banks will be smiling from ear to ear.

[dragnet2]

It’s happening right before our eyes...

Most Americans are too stupid to take notice...

[CivilWarBrewing]

That’s okay.. Banks are issuing home loans to illegal aliens, and American companies are hiring them, along with foreign workers with work visas. These are sure Democrat votes.