Foreclosure filings up 566% in 07 metropolitan Phoenix.

[Neshanic]

[Fed_Up_Grammy]

1. Hey,it happens. It's cyclical.

[Catshrink]

2. Yeah, we all know it's because people buy houses they can't afford.

:sarcasm:

[hatrack]

3. Yes, pay no attention to those six-fold YOY foreclosure increases

Just rooo-teeeeen, I'm sure.

[stillcool]

4. I wonder what happened

to their 'huge tax savings'....

[Snarkoleptic]

5. It's a lot worse than a cyclical event.

There is a perfect storm brewing in the residential real estate market.
Much has been written about mortgage brokers, but I'm calling out Wall Street and the get-rich-quick RE investors as major contributors to our woes.
Greedy investors bought into Carleton Sheets and the rest of the 'buy real estate with no money down and get cash back at the closing' crowd.
The bond rating agencies who reviewed transaction in the mortgage backed securites markets also bear much of the blame.
These agencies consistently gave investment-grade ratings to subprime MBS pools...this needs to be investigated!

[Yavin4]

6. No Middle Class Paying Jobs = No Money for Mortgages = Foreclosures

You don't need a degree in economics to figure that out.