ArizonaHomeOwner

RealtyTrac: 25% Of 2008 Home Sales Will Be Foreclosures [Housing Tracker]

I own a home because I want a stable place to live. I know what it is like to move multiple times during my college and early career days. It is tiring to move every few years or more. My home is where I live. NOT A GET RICH QUICK SCAM TO "FLIP A HOUSE WITH NO MONEY DOWN".

"Affordable Housing Programs" like Wells Fargo's "Emerging Market Program" that targeted low income people with marginal credit were popular 3-4 years ago here to "promote home ownership". These programs were championed by minority groups and often the loan officers were spanish speaking. You could not get this loan if you made "too much money".

This is why we are in this housing market along with the greed of the wanna be home buyer trying to make millions by holding a home long enough for the next high bidder to come along.

For a snapshot of what is going on in my neighborhood, read on.

I bought a home in Maricopa, AZ for $77 a foot or $288,000 in 2004. I upgraded it to $97 a foot or $360,000. At peak 2 years ago it was valued at $144 a foot or $535,000... now the same home in foreclosure sold for $57 or $212,000. The builder is selling their spec homes for $89 a foot or $331,000. This is "ground zero" in Arizona.

Each day their are more people leaving their homes, but they are being replaced by "good neighbors" who are taking care of their properties.

2 of my neighbors evacuated their homes last week. 1 of them had a back yard full of tumble weeds and trash and rattle snakes. The other had a dirt back yard because they too could not afford landscaping for the 3 years they owned the home. 3 other homes on my street were in the same condition, early this year when their owners we foreclosed on.

Now, the new neighbors that bought the 3 other foreclosures on my street are great! They had to qualify for the loan normally. They are improving their property. I have better neighbors than the ones that left.

Bottom line, if you live in a neighborhood like ours; The new owners are better than the old ones. The renters and over extended buyers are the ones with the bad looking properties.