Lisa Simpson
May 21,2008
In: Cheap Homes

Arizona Cheap Homes

Arizona is located in the southwestern part of USA. The largest city and the capital is Phoenix. The desert dominates the climate of Arizona. Today with foreclosures on the increase Arizona cheap homes are dotting the country. Summers in Arizona are very hot but the number of foreclosures has made it hotter still. Winters are mild and perhaps the innumerable Arizona cheap homes has made the climate soft, mild and welcome for those who want to avail of this opportunity when real estate prices are at an all time low. Arizona is one of the fastest growing states in the country. This points to its prosperity. But lately the number of Arizona cheap homes indicates that things have been going in the opposite direction. The top offenders in the foreclosure crisis are California, Nevada, Florida and Arizona. During the housing boom period many new houses had come up in Arizona as in the other states. These are now selling as Arizona cheap homes at a discounted price. Tourists have always flocked to Arizona to see the national forests, Indian reservations, innumerable parks as well as monuments. Today foreclosure tourists take bus rides to view Arizona cheap homes hoping to snap up a deal before prices rise. So far however there is no indication of this happening. With mortgage companies having tightened their purse strings it is difficult to get loans to buy Arizona cheap homes.

Increasing foreclosures adds to the number of Arizona cheap homes. Usually the banks are the owners of the Arizona cheap homes. Unable to have found buyers in court auctions the banks are now selling these Arizona cheap homes at a heavy discount. Arizona ranks third in the foreclosure race. In the nation the foreclosure rate is 1:194 – this calculating to double the number of the previous year. In Arizona it is 1:95. This is leading to the state being dotted with Arizona cheap homes. In Arizona there were 27,404 foreclosure postings showing a high jump of 245% from the previous year and 45% increase from the last quarter of 2007. In a chain reaction this is leading to more Arizona cheap homes entering the shop shelves.

The Arizona cheap homes are not just fact and figures – each have a story to tell. The most common story is that of foreclosure victims falling prey to scammers. Four Phoenix residents have been indicted in a lawsuit for being ‘straw buyers’.