Market Pulse The Arizona Republic p. D2 8/25/2012
"Approximately 52% of metro Phoenix homeowners have negative equity in their homes or are upside down... 55% of the region's homeowners owed more than their home was worth at the end of the first quarter"
Majia here: Foreclosures slowed down at the end of 2011 as an outcome of the robo-signing scandal. They are now expected to pick up. I expect so, considering this high level of upside down homeowners.
Fasten your seat belts.