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2011 Will Be a Record Year! But in a Bad Way.

By Joseph McDaniel, Esq.

Well, sorry you get to hear it here, but we'll see the worst year for foreclosures in the upcoming year since...ever.

Remember that in an ordinary year we'll see, as a nation, about a hundred thousand trustee's sales and foreclosures. And last year we saw about 1.2 million.

Got that? More than TEN TIMES as many as a normal year.

But wait: it gets much worse. Banks have gotten past the brief hesitations they experienced in 2010, and in 2011, they are set to go for the foreclosure gusto!

So expect more of the Depression this year, with even more trustee's sales and mortgage foreclosures, and of course, more bankruptcy cases filed in Phoenix, Chandler, Mesa, Scottsdale, Casa Grande, Tempe, Gilbert, and...well, all of Arizona!

Now, it's true that Arizona is going to have to work harder.

We're only Number 2 for trustee's sales and foreclosures.

I think we can do better!

Although we have contenders out there who will do anything to get the Insolvency Crown!

Get this: Illinois has enacted a 66% state income tax increase, because the state is spending more than it brings in, and has for...well, forever!

66%! That's a 66% Tax Increase in a state with only seven actual productive workers left!

Now, unless I miss my guess, that will chase the last seven productive members of society in Chicago right out the back door in Illinois, and we'll get 'em all here in...Arizona!

I've always liked the refugees from the Midwest. By in large, they have little trouble assimilating the culture of the Southwest, which really is different from the Eastern Seaboard. In the East (I saw this in the garment district in New York when I was there for a bankruptcy seminar), people talk about each others' mothers in the same way we would say "Good morning, and how are you?"

For those of you relocating to Phoenix because of a bankruptcy, or the weather, or the affordable homes, it might be good if you read a book called "Cracker Culture", just so you don't miss out on a characteristic of Southern Culture: it's called "fighting words", and it is better to learn about those from a book than from a cranky cowboy!

Trust me on this one.

And trust me that I won't give you that education myself: I'm a meek and mild-mannered bankruptcy lawyer, but this place has a lot of cowboys still, so being ordinarily polite is simply a matter of good personal hygiene.

And it's also a part of your personal health and longevity plan, if you have a single brain cell! Putting it another way, you may think you're just warming up for a business negotiation, New York City-style; the cowboy figures you just requested that you both start the day with a big ol' fight! 

 

Full post as published by Arizona Bankruptcy Attorney Blog on January 17, 2011 (boomark / email).