The Short Market Downturn Turned Into A Free Fall
The East Valley Tribune reports from Arizona. “In the first quarter of 2008, there were 310 resales of homes in Maricopa at a median price of $170,000, according to a real estate report issued by Arizona State University. In the same quarter of 2007, there were 90 resales with a median value of $246,500. Paul Jepson, an assistant to Maricopa’s city manager, said that about 31 to 34 percent of resales in the city have been of such underwater, or ‘distressed’ as he called them, homes.”
“One of the market casualties is Daryl Fox, a recently unemployed cosmetics salesman. After his divorce several years back, Fox and his ex-wife sold their home in Chandler. It took a while to sell the house, and they had to reduce the price to find a buyer in the already-slumping Valley real-estate market, he said.”
“In April 2006, Fox took his half of the equity from […]
Original post by Ben Jones
