At one time Mesa, Arizona was an excellent city to call home. With natural beauty such as the Grand Canyon and a short drive to Mexico and Las Vegas, people wanted to live there. The climate is warm and dry and Mesa is within reach of a lot of other places. All of these factors drove people to Mesa to carve out a life for themselves. It was a great place to both raise a family and to retire at. Then the bottom fell out of the market and things just fell apart for local real estate.
Mesa’s property values are well below what they were in recent history. Many people are completely upside down between what they owe and what they can now sell their home for. Thus, homes are not a very good investment. Unfortunately, this situation causes repossession and foreclosure levels to spike. Many people are choosing to let the banks take their houses back rather than continuing to sink money into a failing investment. They believe that there is no way to recover their money and are cutting their losses early.
Whether this decision is morally right or wrong is not as important as the fact that it is happening, and there are many people walking away from houses that they have owned and lived in for many years. There is a point of diminishing returns, and once people realize that they have crossed over that point, they are walking away from their houses and going back to renting, rather than owning.
In Mesa, there are quite a few beautiful and expansive houses on the market that can be purchased at a price well below that they are really worth. It is a true buyers market, and if you are able to shop for a home then you can practically name the price you are willing to pay.
Arizona as a whole is in fairly bad condition in the world of real estate and it doesn’t look to improve in the near future.