Negative Home Equity In Phoenix Arizona
Posted on 25 March 2010 by Ted Agnick, The Lawyer
Phoenix ranks third in the nation for having the highest percentage of mortgage borrowers with negative equity, according to a recent MSN article titled: America’s Most Underwater Housing Markets.
According to that article, a Zillow economist indicated our country has never had this many homes with negative equity through out our country in history. Apparently, this means even in the great depression, housing never went this far upside down through out our country.
One of the conclusions identified in the article is that these conditions will create more foreclosures due to their affect on the housing market.
According to the article, home prices in Phoenix “dropped more than 52 percent from their peaks through the third quarter of 2009. And as of the fourth quarter of last year, nearly 62 percent of single-family home mortgages were underwater . . . .”
So, it appears things are not getting better anytime soon. In fact, they may be getting worse as more and more people will find it harder to sell their homes to prevent foreclosure. Bankruptcy is a tool that may be able to help you stay in your home or properly eliminate the debt and tax burden’s that can arise from a foreclosure sale. For more information, visit ArizonaBankruptcyGuru.com.
