Two years ago, the price of all houses in Arizona raised average to $200,000.00 or more. All homeowners are very much richer and happier.
Some stupid buyers used top price to buy houses. The price they actually can not afford. And the bad move of most of the banks was not checking credit when the price is going up rapidly.
Some crazy owners borrowed all the difference between the original price and the crazy new price and, went to travel around the world, or did all other things they should not do on loan. Some others just borrowed all the said difference and thought that the price will still going up endlessly.
But the price has finally came down from one or two years ago.
Until recently, all owners received or soon will receive the Property Tax Valuation from the local government. The value of all houses have dropped approximately $70,000.00. It is not too bad. Not down to the bottom.
Today's newspaper says the foreclosure rate of houses here in Phoenix were keeping at around 2000 each month last year.
This month, there are even more. Totally 2,052 houses are put out for sale by the banks. This is because the loan is much higher than the price of the house. Those crazy buyers and stupid homeowners just walk away and do not want to repay the debt.
The influence to simple homeowners like me is none, except paying more property taxes.
Because I did not follow the American culture to borrow all the difference of value to play.
The above is part of the factor which made American not buying enough merchandise to keep the country rolling, so this year our Mr. President will send each taxpayer $600.00 to $1,200.00 pocket money to buy something.
So we will have special "cash back" after paying tax this year.
Not really, I've read some of yours when you are too busy at work. Don't work too hard, Carol, have some fun ! btw, I hope you did have a sweet Valentine's Day last week.
Yeah, same situation. I hope we don't have to go into recession. That is a very terrible thing. I wish the whole country can recever like what Hong Kong have done and, as soon as possible !
So I'm reporting what Phoenix is now up to in this Subprime Mortgage Crisis. We are hard hit and I was one of the first victims to be paid off in July last year. As I was with Title Insurance, that real estate related business.
SF has limited city space, surrounded by sea, expensive prices are for sure.
No, I am not. You are very funny ! Hong Kong people did struggle on getting a basic living for the past few decades, so we are getting used to conservative. But the Americans are born rich, so their cultures is, spending first, to improve the economy and pay back later. Credit cards were invented in 1920 in United States !
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Carol 2008-02-19 23:20
Eddie2008-02-20 02:40
bus uncle 2008-02-19 23:03
Eddie2008-02-20 02:36
BigDaddy 2008-02-19 09:45
Eddie2008-02-20 02:34
So I'm reporting what Phoenix is now up to in this Subprime Mortgage Crisis. We are hard hit and I was one of the first victims to be paid off in July last year. As I was with Title Insurance, that real estate related business.
SF has limited city space, surrounded by sea, expensive prices are for sure.
Teamaster 2008-02-18 11:49
Eddie2008-02-19 07:03