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July 20, 2008




Article from today's AZ Republic online follows...the foreclosure tsumani is steadily picking up force in Scottsdale's pseudo-upscale neighborhoods. Zip 85255 in particular along with 85262 are cracking rapidly.
DC Ranch has turned into a renter's paradise and their Marketplace concept in keeping with its architectural theme, is a true Western ghost town.

"NE Valley foreclosures surge

by Peter Corbett and Ryan Konig - Jul. 21, 2008 10:44 AM
The Arizona Republic

SCOTTSDALE - About 800 Northeast Valley property owners lost their homes to foreclosure in the first half of this year, nearly five times as many as the same period a year ago, according to a data analysis by The Arizona Republic.

Plus, nearly 2,000 area homeowners have been issued a notice of trustee sale, a precursor to foreclosure. That is nearly three times as many as the first six months of 2007.

Foreclosures by city through June 30 of this year and the percentage increase from a year ago are:

• Scottsdale, 640 homes, an increase of 378 percent.

• Fountain Hills, 82 homes, up 531 percent.

• Cave Creek, 58 homes, up 164 percent.

• Paradise Valley, 17, up from zero.

• Carefree, 7, up 250 percent.

Notices of a trustee sale were sent to 1,543 Scottsdale homeowners and another 410 went to owners in the four other Northeast Valley communities.

The highest concentration of foreclosures are in these areas:

• Downtown, south to Thomas Road.

• The Scottsdale Airpark area, bounded by Shea Boulevard, Bell Road, Scottsdale Road and 104th Street.

• The Kierland area, bounded by Tatum Boulevard, Shea, Bell and Scottsdale Road.

• DC Ranch, McDowell Mountain Ranch and other areas in the 85255 ZIP code.

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