By Logan Oulman
Mesa Arizona used to be a great place to live. Residents enjoyed living there due to the hot and dry weather, and its proximity to nature including the Grand Canyon. They also liked the fact that it is located close to Las Vegas and Mexico, and to many other great cities. People felt Mesa was the ideal spot to raise a family or retire and take it easy. Then the bottom fell out of the market and things just fell apart for local real estate.
Today there is no piece of property in Mesa that is worth much and the vast majority of property is worth far less than the owners actually owe on it making them virtually a poor investment. The foreclosure rates and repossession rates are extremely high in Mesa, Arizona. Some people have literally walked off from homes they purchased. Some people let their homes fall into foreclosed status because they knew they could never recoup their investment so there was no point in pouring even more money into it.
Some people had been very happy with there lives in Mesa and have been homeowners for years. But some of these people are calling it quits and walking off from their financial responsibilities. Regardless of whether it’s the proper thing to do or not, this is what’s happening. Once that point of diminishing returns has been crossed there is a point that people are now days shifting to the paradigm that was unheard of even during the great depression.
Today the market here has many very nice and well-maintained homes available and at a mere fraction of the actual worth. It is a true buyers market, and if you are able to shop for a home then you can practically name the price you are willing to pay.
Arizona is in dire straights where the real estate market is concerned and there is no sign of it improving at any point in the near future.
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Topics: Real Estate | Comments Off
MLA Style Citation:
Oulman, Logan "Arizona Repossessed Homes." Arizona Repossessed Homes. 21 Jun. 2010. uberarticles.com. 20 Jan 2015 <http://uberarticles.com/real-estate/arizona-repossessed-homes/>.
APA Style Citation:
Oulman, L (2010, June 21). Arizona Repossessed Homes. Retrieved January 20, 2015, from http://uberarticles.com/real-estate/arizona-repossessed-homes/
Chicago Style Citation:
Oulman, Logan "Arizona Repossessed Homes" uberarticles.com. http://uberarticles.com/real-estate/arizona-repossessed-homes/
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