home foreclosures, short sale For the past decade, Phoenix was one of the fastest growing cities in the country. There were lots of new jobs created every year, and housing was affordable. During the heyday of the building boom in the early 2000's, home prices rose quickly, and soon became unaffordable for many. Once those subprime loans readjusted, many of those who bought high had to walk from their homes because they couldn't afford the payments. Now the Pheonix metro area has many home foreclosures on the market, and prices are coming down, as they should.

Now that home prices in the Phoenix metro area are getting back to more affordable levels, the foreclosures adn short sales are getting under control. Home builders suffered a great deal during this housing market meltdown, and the employment situation in the metro area is starting a slow turn around. Arizona was recently ranked as the state with the second worst economy in the country. The home foreclosures created a huge oversupply of homes for sale in Phoenix, and many in the construction industries lost their jobs.