The Economic Crisis Of Arizona

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Prologue Before anyone can understand why someone would behave the way they did, they would need to be in their shoes. Hopefully, this did not happen to anyone in this class or to a friend or family member, however, being that I know several people who came to Arizona to be apart of a startup, including myself, I know many people who had to foreclose on their homes and leave the state. I moved around a lot while my girlfriend at the time did the same to find work to keep making payments her newly purchased house as we both loved living in Arizona. We were blessed to have the opportunity to get jobs in other states while living with other family members or finding roommates to get the paying jobs that would cover both our new local reduced expenses, while paying the mortgage for an empty house back here in Arizona. Many people did not have that opportunity. They were put in a mental place of losing the roof over their head with nowhere to go. I know this discussion talks about the economic crisis in the state of Arizona, but that statement undermines what truly happened. It was a housing and financial crisis across the United States and affect the whole global economy, not just the state of Arizona. If you have not seen the film, please watch the rated R movie "The Big Short" to get a most recent story telling of what happen. It is rated R, so do not watch this in front of kids, and after you watch it, you may need some time to relax. It is a hard story to watch because it is based on what happen in late 2007, and all through 2008. There are other movies that cover the housing market bubble, but The Big Short tells it from a unique angle, based on a book of the same title. According to the free JustWatch app that allows... ... middle of paper ... ...check. Pay yourself. Autodraft to a saving account each month is a easy way to build an emergency fund. I also recall hearing people talking on the phone with a buddy waiting in line to buy the latest smartphone, while revealing that they are foreclosing on their home. So there is that. (read the phone I am currently using doesn 't fit my wants) "Should the financial institutions have pursued legal action against these people?" The can try, but the time and money to go after someone who doesn 't have money, to begin with, is somewhat foolish. However, if the attendant did have money, there isn 't enough of a gain to outweigh the time and money to go to court. "Banks are largely powerless to stop a homeowner determined to strip a property. Lenders can pursue such homeowners in court, but the expense and difficulty typically outweigh the gain." (Rudolf).
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