Arizona Real Estate CRAAASSSSHHHHHH!

I just came across this website showcasing the massive losses happening in Arizona real estate. The Scottsdale and Paradise Valley properties are especially amusing considering the massive attitudes and snobbery those people had regarding the money they thought they "made" on real estate from 2004-2006:

http://phoenixflippers.blogspot.com/

I'm guessing most of those houses have payments converting and will soon be in foreclosure now that the "owners" can't make the new payments. If you're one of those people who walked around with your nose up in the air, here's a message from Keith at HousingPanic:

The funny thing is that people who put no money down call themselves (and think of themselves) as "homeowners".

They are not.

Their rent money simply goes to a bank (or CDO holder), whereas "renters" money goes to the landlord (who is likely sending money to a bank)

People need to get beyond this "homeowner" lie. Until you make your last payment, the house is NOT yours. Nobody "deserves" to live in a home. A house cannot be "lost" if is not theirs to lose.

The media and our politicians promote this "ownership" disinformation, for the benefit of their banker masters.

It's our job to make people see the truth. Even though it may disappoint them and piss them off.

Comments

[war_shu_duck]

WOW!!! I knew this was going on here but I didnt realize these homes were changing hands so quickly within a couple of years. These borrowers and their mortgage brokers should be in jail. If there is proof they lied on the applications and or certain mortgage brokers were involved with a lot of fraudulent applications/loans why aren't these people in jail?

I realize personal responsibility no longer exists. Some will say well these people are just dreamers who grabbed for the brass ring and aimed a little too high.

We are becoming a nation of laws that we choose too enforce selectively (illegal immigration, treason, fraud) to name a few.

[Frank Rumbauskas]

Crazy stuff. And while this is going on our government is wasting time & money investigating steroid use in major league baseball.

I'd call that a mixed-up sense of priorities, eh?

[Your Jewish Master]

Frank,

One of my favorites:

http://www.zillow.com/HomeDetails.htm?zprop=71602287

[MG]

Completely agree. Homeownership is not a human right.

[Hill]

Is this real estate "crash" going to be a two-year adjustment, bumpy, soft landing or is it going to cascade into a multi-year true crash? It just seems like down 20% everything would sell, provided interest rates are still basically low; that suggests an adjustment rather than a crash is possible. On the other hand, if things start accelerating and causing secondary negative effects, I guess a real crash could unfold. The late-seventies and the aftermath seemed like a true crash in Scottsdale: buildings half finished everywhere, see-through buildings and vacant houses, even road construction just halted with unmarked dead ends (e.g., Hayden at McCormick Ranch!). Does it feel like an unstoppable unraveling has begun--or just an overdue cessation of speculation? Won't baby boomer retirement demographics eventually click in to help a turnaround?

[Joe Jacari]

AZ is $one billion in the hole this year.

Next year it will be two!

Meanwhile, the illegal alien hordes flood into this state and gobble up the social services, etc. This is ancient Rome redux 2008.

The friggen' commie idiots in government expanded the welfare state, like there was no tomorrow, as the tax revenues from the housing charade rolled in, seemingly without end.

Alas, I knew once the real estate ponzi scheme ended, the bureaucratic tax and spend socialists would be in the red again, and quickly.

This thing is going to be fricken' huge! Ha, ha! You're going to see some amazing sh*t once the crash starts gaining momentum.

Houses are still overvalued by at least 50%. At least!

Hey, all you dumb a** $30K millionaires listen up! You better hit the highway, because the bill is coming due and you'll never be able to it back, Jack! And take your Skanksdale girlfriends with you!

You big dummies!

[fastcart11]

Listen man, I live in THE OC. I, and most of my friends, are business owners. We only take out $30K a year for tax reasons. Yeah, my salary? $30K. But I'm a millionaire.

[MG]

fastcart11:

No one who is an Orange County (OC) native or native Californian refers to OC as "THE OC". Never - except to refer to a TV show by that name.

So you must be from somewhere else.

We simply refer to it as OC or Orange County. Even within Orange County people say where they are from: "Huntington" (for Huntington Beach), "Newport" for Newport Beach, Yorba Linda, or whatever. Same with L.A. County: people say what section/town/city they're from especially if one is from Sherman Oaks (north of Ventura Blvd is considered the real Sherman Oaks whereas "south" of Ventura is considered "Van Nuys adjacent" and thus, a step-down).

You must be from somewhere else like so many other "Californians" who really came from Muncie (or some other out-of-state city/town), but are too embarrassed to say so. Meanwhile real Californians are lumped together with the fakes and we are associated with their disgusting behavior.

Case in point: Self-described retired/relocated "former Californians" are blamed by northern New Mexico residents for making poor political decisions that negatively affect the state of NM. Fact is, few real Californians will ever leave the state of CA to retire somewhere else. These people moved to CA (likely: Berkeley during the 60's to attend college), called themselves Californians because they didn't want to say they were from El Paso, moved to Santa Fe, still describe themselves as Californians when in reality, they are from Texas.

Same with Scottsdale: these fakes describe themselves as former Californians when in fact they came to CA from somewhere else, like New Hampshire, and now having moved to Scottsdale, they inaccurately describe themselves as "Californians" and so we are blamed for the wrecking ball behavior of these jerks.

God, will the faking never stop?!

MG