Ah, a classic and inevitable end of a grand Ponzi Scheme is now unfolding in Phoenix. A sight to behold HP'ers. Textbook.
Phoenix, bottom line, you're screwed. Sorry to say. But it was your own doing.
50% appreciation in 2005? What a joke. Your fake economy was built on the back of a corrupt and out of control REIC, your homes are not worth 100% more than they were just a few years ago, and now your economy will collapse due to out of control mortgage fraud, massive REIC layoffs, out of control illegal immigration, and basic human greed.
Good luck out there Phoenix. You're gonna need it.
