Comments on: Arizona's in Recession- But We Knew That http://housingdoom.com/2008/05/09/arizonas-in-recession-but-we-knew-that/ Sat, 11 Feb 2012 07:12:54 +0000 hourly 1 http://wordpress.org/?v= By: NVmike http://housingdoom.com/2008/05/09/arizonas-in-recession-but-we-knew-that/#comment-12002 NVmike Sun, 11 May 2008 22:23:07 +0000 http://housingdoom.com/2008/05/09/arizonas-in-recession-but-we-knew-that/#comment-12002 More bad news from Phoenix: http://tinyurl.com/5awxur <blockquote> Bankruptcy filings doubled in April Russ Wiles The Arizona Republic May. 9, 2008 12:00 AM The number of Phoenix-area bankruptcy filings more than doubled in April as the soft economy and lingering housing ills came home to roost. In the Phoenix area, 1,104 consumers and businesses filed for protection from creditors last month, up from 548 in April 2007, the U.S. Bankruptcy Court in Phoenix reported. That's the largest year-over-year increase since a 345 percent surge in October 2005, shortly before a change in federal law tightened the rules on such filings. </blockquote> More bad news from Phoenix: http://tinyurl.com/5awxur

Bankruptcy filings doubled in April
Russ Wiles
The Arizona Republic
May. 9, 2008 12:00 AM

The number of Phoenix-area bankruptcy filings more than doubled in April as the soft economy and lingering housing ills came home to roost.

In the Phoenix area, 1,104 consumers and businesses filed for protection from creditors last month, up from 548 in April 2007, the U.S. Bankruptcy Court in Phoenix reported.

That’s the largest year-over-year increase since a 345 percent surge in October 2005, shortly before a change in federal law tightened the rules on such filings.

]]> By: RunnerInPeoria http://housingdoom.com/2008/05/09/arizonas-in-recession-but-we-knew-that/#comment-12001 RunnerInPeoria Sun, 11 May 2008 11:34:32 +0000 http://housingdoom.com/2008/05/09/arizonas-in-recession-but-we-knew-that/#comment-12001 Yossarian - I agree and have posted similar comments concerning the AZ economic single point of failure. Simply look to Detroit, Cleveland et al to see the economic wreckage left by the crumbling automotive industry. I fear Phoenix will experience the same future. Other large cities such as New York, Chicago, Atlanta and Dallas all have a strong corporate presence which translates into higher paying jobs which of course trickles down to the local economy. Phoenix being the 5th largest city in the country has fewer fortune 500 offices than Omaha, NE. That statement in itself should speak volumes about the economic weakness AZ really faces. Just my two cents.... Yossarian – I agree and have posted similar comments concerning the AZ economic single point of failure. Simply look to Detroit, Cleveland et al to see the economic wreckage left by the crumbling automotive industry. I fear Phoenix will experience the same future. Other large cities such as New York, Chicago, Atlanta and Dallas all have a strong corporate presence which translates into higher paying jobs which of course trickles down to the local economy. Phoenix being the 5th largest city in the country has fewer fortune 500 offices than Omaha, NE. That statement in itself should speak volumes about the economic weakness AZ really faces.

Just my two cents….

]]> By: Yossarian http://housingdoom.com/2008/05/09/arizonas-in-recession-but-we-knew-that/#comment-12000 Yossarian Sun, 11 May 2008 06:30:52 +0000 http://housingdoom.com/2008/05/09/arizonas-in-recession-but-we-knew-that/#comment-12000 Gee, what a surprise. The Phoenix area is dependent on RE and construction related industries, for 30 to 40 percent of its overall job creation. Like I've said before... when a good percentage of these FIRE (Finance, Insurance, Real Estate) jobs dissapears..... that will result in an actual Depression in the Phoenix area. There will be extended unemployment well into the teens. It will last for months, if not years. What will ever give Phoenix reason to recover? Certainly not the availability of water. Not the excess numbers of suburban mcmansions ... perhaps it will be solar energy, or solar heat, eventually. Gee, what a surprise. The Phoenix area is dependent on RE and construction related industries, for 30 to 40 percent of its overall job creation.
Like I’ve said before… when a good percentage of these FIRE (Finance, Insurance, Real Estate) jobs dissapears….. that will result in an actual Depression in the Phoenix area. There will be extended unemployment well into the teens. It will last for months, if not years.
What will ever give Phoenix reason to recover? Certainly not the availability of water. Not the excess numbers of suburban mcmansions … perhaps it will be solar energy, or solar heat, eventually.

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