I read another article today talking about foreclosure and people who are losing or can not afford to keep their homes because of the rising interest rates. This article mainly focused on the Queen Creek area just southeast of Phoenix, and south of Gilbert, and Chandler.

It mentions families and their plight. One family was able to re modify their loan with their lender others are in the foreclosure process, etc... I was reading how many neighborhoods that were full of families are now becoming vacant or are full of vacant homes or homes that are for sale.

It also lists some reasons people are losing their homes. One line mentions how people used their homes as ATM's. Using their equity to buy things that were not good investments. It also tells how speculators bought homes in the Boom and are now in trouble too.

This is an epidemic that is reaching its climax, I believe things are going to get worse before they get better. On a brighter note, If you buy Low your homes value eventually will go up. And now is a great time for buyers. Inventory is high in Arizona, and prices are very low. So get out there and find some buyers. Qualified ones to be exact.

Here is the link

http://www.azcentral.com/business/homesales/articles/1005biz-homes05-ON.html