Monday, December 12, 2011

Rep. Jack Harper wants to change Arizona's non-recourse status

The head of a key House committee wants to scrap state laws that now allow homeowners who are “under water’’ on their homes to simply walk away.
Rep. Jack Harper, R-Surprise, says Arizona’s status as one of a handful of “non-recourse’’ states is keeping the real estate market from recovering here. He contends that having people abandon their homes further depresses the value of nearby homes.
“The idea is to keep people from being encouraged to just walk away from their house any time they’re a little bit upside-down’’ on their mortgage, he said.
But the move is getting a fight from the Arizona Association of Realtors. Tom Farley, the group’s chief executive officer, vowed to “utilize every resource that we have here in protecting consumers.’’

Read the rest of the article at the Sierra Vista Herald

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