February 18th, 2009
09:34 AM ET
5 years ago

Mesa, Arizona: Poster child for foreclosure

The president unveils his plan to battle foreclosures today.
The president unveils his plan to battle foreclosures today.

NEW YORK (CNNMoney.com) - President Obama will unveil his foreclosure prevention plans in Mesa, Ariz., on Wednesday. It's an appropriate place to talk about the U.S. mortgage-default problem: More than half the homes for sale in this sprawling suburban town are distressed properties.

In choosing Arizona, the president ventures to a state suffering from high foreclosure numbers: It had the third-highest rate of foreclosure filings in the nation during 2008, according RealtyTrac, which compiles foreclosure statistics.

Mesa itself, as Mayor Scott Smith often remarks, is the biggest city in the country that nobody knows. It's a young, sprawling bedroom community of Phoenix that has grown explosively since the end of World War II. With 452,933 residents as of July 1 2007, it's now the 38th largest city in the nation: bigger than Cleveland, St. Louis or Oakland.

"Mesa is the largest suburban city in the country," said Scott Butler, the city's director of government relations, "and it's symbolic of how the suburbs have been impacted by foreclosures."

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Filed under: President Obama
soundoff (82 Responses)
  1. thefletch

    just another dem pushing a vote buying scheme. nothing new here!

    February 18, 2009 01:01 pm at 1:01 pm |
  2. arithmetic is liberal

    I'm just waiting with bated breath for 2 hours from now when FAT GOD Limbaugh's show ends and all his little zombies come here with their latest cutesy talking point: The Rezko Rescue Plan

    Just remember those words folks. And quickly remember that anyone who uses that doesn't have a real brain in their head, but a Rushbot reciever to broadcast FAT GOD's filth.

    February 18, 2009 01:03 pm at 1:03 pm |
  3. bill in montgomery

    I'm sure the money wil be given to the people that couldn't afford to buy the houses anyway, but were allowed to by the Liberals. And guess what? This money will go right down the drain with the rest of the taxpayers money that is being spent to try to promote people that refuse to help themselves. These are the ones that keeping playing the race card everytime something doesn't go the way they want it to go.

    February 18, 2009 01:04 pm at 1:04 pm |
  4. Patriot Guy

    It's called PERSONAL RESPONSIBILITY, folks. This country needs to get reaquainted with it!!!

    February 18, 2009 01:04 pm at 1:04 pm |
  5. This is CHANGE

    I dont get it...$75B for 9M home owners who get $8k to undo their irresponsiblity? THAT is change....

    What about the other 64+Million home owners who make their payments, lived within their means and are proud of what they have accomplished without a handout??

    You want stimulus, here is a formula Mr Obama could have used:

    74,000,000 (homeowners) x $8000 (per home owner) = $592B (stimulus)

    Another formula...$787B – $592B = $195B SAVED!

    As one of the 64+Million home owners, I could have used $8000 for home improvements, providing work for 'shovel-ready' workers and stimulating the economy. We 64+Million responsible homeowners would have seen the value of using $8000 to boost our property values and generating stimulus we need in this economy.

    Thanks, again, to 'the party that won'.

    February 18, 2009 01:05 pm at 1:05 pm |
  6. wakeupamerica

    Ha! Way to stick it to McFossil. I guess the fundamentals of Arizona's economy are still good. That is if you're JOhn and Cindy with multiple houses and millions in the bank. I'm sure McFossil will be whining about why Obama is coming to Arizona on all the MSM outlets. What is he doing for the good people of Arizona?

    February 18, 2009 01:05 pm at 1:05 pm |
  7. Theresa Jones, Mesa, AZ

    Mesa has a high number of foreclosures because our Sheriff was able to get a lot of the illegals to leave, which is a good thing.

    February 18, 2009 01:07 pm at 1:07 pm |
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