My husband and I are thinking about retiring in Prescott, Arizona. Is Arizona still in a bubble? Is there a large shadow inventory there as well?

2 bedrooms and 1 bath home. 2, yes 2. 1 bath.
It is listed at 1,104 square feet Laughing too hard at 1100 square feet with 2 bedrooms. Reminds me of my college days.
Originally built in 1903. 1903! Yes, it says 1903! It is over 100 years old! OMG
4/14/2006: $590,000 Sucker!
And what is the current list price? $406,500 Ha-ha, very funny.
Tell me another joke, that last one was a knee slapper!
Median income = $43,743. Surely it must be only the retirees in this zip code and their social security income that reflects this absymal number.
$43,743 is a 1990 wage level. And in “low cost” California no less?
After – taxes, car, gasoline, insurance, groceries, and basic utilities, there is no way one could buy any home on that income – let alone the one pictured.
You could barely buy the essentials and pay the property taxes – forget any mortgage payment.
Perhaps a 2 income couple, a big perhaps.
Not only have the prices diconnected from incomes, they still are disconnected from reality.
$500/sq foot? For a 100 year old house with 2 bedrooms.
Think about that for one second. You have got to be kidding.
It would have to have have an address like 1400 Pennsylvania Ave for that to fly.
And in a high cost of living, bankrupt state with an economy alomst entirely dependant on real estate or consumption, unemployment pushing 20%, and overrun with millions of illegal aliens.
What can possibly justify this nonsense?
I know, there is an ocean and some mountains.
And it’s warm alot of days.

If the bank isn’t going to get paid, they are still better off with the defaulting residents in the home than having it vacated. (The neighborhood is better off too). As much as some people might be peeved by these “freeloaders”, would you rather have an abandoned house or a building infiltrated by vermin or squatters for a neighbor.

If they don’t have the money, they don’t have the money. If the bank hasn’t re-sold the house its because nobody else has the money, either. So what are you going to do? Maybe focus on the real problem (unemployment, inept government)?