Good post on doom the other day about the historic Phoenix crash. We saw it coming, but to see the death spiral in full bloom is stunning.
As long-time HP'ers know, Phoenix was REIC-infested Housing Ponzi Scheme ground central, and an obvious one at that.
Phoenix was the town that inspired a good share of the leading bubble blogs. A town full of get-rich-quick scamsters and fraudsters, fly-by-night flippers, lying and ignorant realtors, illegal Mexican laborers, greedy builders, corrupt appraisers, incompetent "rolodex-of-realtors" REIC-bribed media, corrupt realtor politicians and scum mortgage brokers. A nice town in the 80s and 90s that got killed by a corrupt and out-of-control REIC.
The post-crash Phoenix area is now littered with foreclosures, blighted neighborhoods, jobless illegals, unpaid credit card bills, and years worth of unwanted homes for sale. Phoenix based its fake economy on housing, the people went along for the ride, and now that its #1 industry has blown up in spectacular fashion, Phoenix will become the new Detroit.
And that should come as no surprise to HP'ers.