“Home-foreclosure activity has spilled across every geographic and socioeconomic border this year, proving that no community was too cautious, clever or well-funded to remain unscathed.
Subprime lending gave the home-foreclosure crisis its initial push, but the problem could not have reached existing proportions without feeding on a host of broader economic problems, according to real-estate experts responding to the latest Valley Home Values data, provided by Information Market.
‘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…’”
Read the article: http://www.azcentral.com/business/realestate/articles/2009/10/11/20091011biz-vhv-main1011.html
Related posts:
© 2009