Foreclosure hot spots in Phoenix area
The I-Team of KNXV-Phoenix investigated the growing trend of foreclosures in Phoenix area and found "hot zones" where foreclosure rates are highest. Joe Ducey and investigative producer Dan Siegel showed that in one area of West Phoenix, 1,050 homes have gone into foreclosure since January 2006. Affordable housing purchased with adjustable rate mortgages are at the center of the foreclosure trend. When property values surged, homeowners refinanced "cashing out equity, often more than their homes were really worth."
IRE and NICAR performed the data analysis for this story.
IRE and NICAR performed the data analysis for this story.