Foreclosures in Phoenix

I just got back from a trip to Phoenix where i bought a small condo as a rental property. I met a young man who lives upstairs who bought 4 years ago, he paid 2.5 times more than i did for a similar unit with no downpayment. His mortgage, taxes, condo fees must be a staggering $2300 per month (plus). You could literally rent the same unit he lives in right now for under $1,000 per month. I am not for walking away but what is the incentive to stay in your home and make your payments?
It is going to take awhile for this real estate mess in the US to be fixed. Any thoughts?

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About idoinspire

Jody has been presenting her keynote addresses around the world for over 10 years. She is passionate about spreading the message of fun, and meaningful work. Annually she addresses over 40 organizations and associations, and is a top motivational keynote speaker. Jody is author of the book All Work & No SAY and writes a syndicated column called the Joy of Work, which is published in over 40 magazines and trade journals. Her mission is to help individuals and organizations derive more meaning and satisfaction from their work. Jody is a feature speaker for the GE Healthcare Tip-TV program broadcast in over 2600 healthcare facilities. Jody is the 2008 Bronze Winner of the 29th Annual Telly Awards for excellence in programming this presentation. Jody’s clients include health care associations, financial, corporations, parks and recreation bodies, government departments and many more groups.
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One Response to Foreclosures in Phoenix

  1. Most people I meet don’t keep very good records, and they also don’t know what they own and owe, their net worth, their cash in and cash out on an annual basis. They aren’t monitoring if their cash out is more than their cash in either. Record keeping and budgeting aren’t on their radar.

    Jody, I’ve just created a WorkBook and Planning Guide with checklists of what and how to keep your records. The scariest part is when people are injured, or die and someone has to take over their record keeping to wind stuff up.

    This workbook will help with that process. It’s for sale for $8.95 for the PDF or $44.95 for a two-pack which includes a hard copy plus the PDF (add your applicable taxes). It’s going to press this week and you’ll find it on my taxdetective.ca shopping cart.

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