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66%-67% Of Phoenix Homes Underwater?

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  • 66%-67% Of Phoenix Homes Underwater?

    66%-67% Of Phoenix Homes Underwater?

    We’ve often seen Jay Butler, head of Realty Studies at ASU, give overly optimistic reports on the state of Phoenix real estate. That’s why when Butler says that 66%-67% of Phoenix homeowners are underwater, you know it’s bad out there:

  • #2
    Re: 66%-67% Of Phoenix Homes Underwater?

    Originally posted by Rajiv View Post
    Using the Case-Shiller numbers, home prices in Phoenix rose 127% from January 2000 to the peak in June 2006. The index has declined 51% from the peak, and is back to where it was in the summer of 2001. So, broadly speaking, anyone who bought after 2001 is probably underwater unless they paid cash.

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    • #3
      Re: 66%-67% Of Phoenix Homes Underwater?

      Originally posted by zoog View Post
      Using the Case-Shiller numbers, home prices in Phoenix rose 127% from January 2000 to the peak in June 2006. The index has declined 51% from the peak, and is back to where it was in the summer of 2001. So, broadly speaking, anyone who bought after 2001 is probably underwater unless they paid cash.
      Alot of folks are underwater here in phx.... Alot are also just beginning to realize it & unfortunately alot more WILL be underwater once interest rates start rising...

      Here is a little post that does the inevitable math...

      http://www.zerohedge.com/article/gue...+drops+to+zero)

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