President Obama spoke this morning at Mesa’s Dobson High School. Why did he choose Mesa, AZ to announce his $75 billion Foreclosure Prevention Plan? I decided to take a look at Trulia’s stats and trends page to see what is happening in Mesa.
By looking at a snapshot of Mesa’s market you can see their are close to 5,000 foreclosures on the market. This number is almost double the amount of existing homes sales available today. Additionally, median sales price has dropped 29% year-over-year and my guess is that is due to foreclosure sales and the flood of inventory on the market.
Here are a few links to local newspaper articles from the region to get their perspective on why President Obama is speaking there:
Obama outlines foreclosure strategy today in SE Valley — http://www.azcentral.com/community/ahwatukee/articles/2009/02/17/20090217gr-prez-advanceplan0218-CP.html
Watch live video of the speech on the local ABC channel in Arizona: http://www.abc15.com/content/news/phoenixmetro/story/LIVE-Obama-rolls-out-foreclosure-plan-at-Mesa/Q57q8LijakCxQOCd7WdLYg.cspx
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February 18th, 2009 at 4:27 pm
He could have chosen almost any city on the West Coast as many are facing the same foreclosure mess as Mesa, AZ. He should have chosen Las Vegas as a way to make up for the things he said about Sin City.