Mesa, AZ is Backdrop for Obama’s Mortgage Relief Plan

By: Amy Bohutinsky, Zillow VP of Communications | February 17, 2009

I was about to write a post on President Obama’s scheduled visit to Mesa, AZ on Wednesday to speak on his proposed Mortgage Relief Plan.

That is, until I read Justin McHood’s “Dear President Obama” letter on Mortgages Unzipped. Justin is a loan officer in Phoenix, and tells the local story straight from the front lines much better than I could. The story, he says, is not about how many troubled borrowers have slipped into foreclosure (old news), but how many homeowners with “good loans” are now on the brink.

According to Zillow’s Q4 Real Estate Market Reports, one in three (36.4%) of ALL Phoenix-area homeowners is now underwater on a mortgage. Mesa home values fell 23 percent over the past year.

Obama is scheduled to speak at 12:15 ET Wednesday. We’ll be sure to provide updates on the plan here.

In the meantime, read popular discussions in Zillow Advice:

Will the new $8000 for first time home buyers be paid out with 2008 tax filings?

Economic Stimulus Plan: Should I wait or should I buy?

Would $8000 make first time homebuyers buy now?

Stumble it!
Categories: Real Estate, Real Estate Industry, Zillow

Comments

3 Comments so far

The Diverse Solutions Blog » Blog Archive » Foreclosures According to IDX Data on February 19, 2009 6:24 pm

[...] Bakersfield, CA (where 64% of the active listings are in a stage of pre-foreclosure) instead of Mesa, AZ where “only” 24% of listings are in a stage of [...]
Dar Unknown on February 21, 2009 4:35 pm

It is no wonder that Obama is visiting Mesa AZ as part of his focus on low-income families and foreclosures. Mesa seems to be the capital for people with low paying jobs who are unwilling to better themselves with education and skills. Take a security guard I know as an example. He’s uneducated and unskilled and works under 40 hours and spends most of his money on food and wonders why he lives in a bad neighborhood, has rotten teeth, and is 100 pounds overweight. He’s always looking for a handout or another woman to support him and his pez collection. What a loser. How much more lazy can a man be and my tax dollars are going to help him?
Christina Viering on May 11, 2009 2:21 pm

Hope Obama can make a difference!