Up To 67% Of Phoenix Homes Are Underwater

Monday, September 13, 2010
By Paul Martin

by Tyler Durden
ZeroHedge.com
09/13/2010

Jay Butler, head of Realty Studies at ASU, was interviewed by ABC15 in Arizona saying that the number of underwater homes in Phoenix may be as high as 66-67%. This means a complete bloodbath for housing prices is still just beyond the horizon, not to mention that the true state of bank (and GSE) balance sheets is deplorable, and if there was even an ounce of reporting or mark-to-market integrity, most banks would be completely insolvent right now.

The Rest…HERE

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