As predicted, the next wave of foreclosures is due to economic conditions not subprime loan products or "bad loans". This time it will involve prime mortgages.
"It has nothing to do with the value of the home," said Mike Wasmann, president of the Arizona Association of Realtors. "It has to do with people not having any money".
Areas like Scottsdale, AZ which have been relatively stable the last two years may see an increase in foreclosures as the high-end homes will be included in the foreclosures in early 2010. The upper middle class and wealthy households whose primary source of wealth was real estate, are struggling financially now. Those who have had financial setbacks and lost their financial cushion will try to make it through the holidays before ceasing payment (as evidence seen in the record February surge in foreclosures).
Read this article published in the Arizona Republic for more details:
http://kathleeninarizona.com/archive_details.php?arch=710
About Kathleen Mazzocco
- Kathleen Mazzocco, Realtor in Anthem, AZ Relocation to Scottsdale, AZ
- Scottsdale, AZ, United States
- Kathleen has worked with a variety of clients and employees from across and outside of the country, and this has given her a firm grasp of all the details that need to be considered when buying a home in Scottsdale, Anthem, or other areas of Phoenix, Arizona. Kathleen is a AZ Corporate Relocation Professional, and Buyer's Agent. She doesn't just help you find the home you want, she also insures that you're settling in well and that you have all the information you need in order to enjoy the highest-quality lifestyle Arizona has to offer. Begin your plan moving to Arizona with Kathleen today. It's a buyer's market right now, so there are great opportunities for you to land the home of your dreams for much less than you ever imagined possible. Acquiring property foreclosures, short sales, and bank owned homes are ways you can save in today's market. As Certified Distressed Professional she can negotiate the best possible price and terms for you. Please browse through Kathleen's website and let Kathleen Mazzocco help you come home to Arizona,search the newest home listings at www.KathleenInAZ.com.