This month the Governor of Arizona Jan Brewer signed a law changing the anti-deficiency laws in the State of Arizona. In short the banks have thrown a fast ball past the tax payers and in doing so are violating your constitutional rights. The law now reads that after September 30th 2009 any homes that foreclose, the banks can go after the homeowner for the difference. They fail to mention despite it being a contract entered into before the law takes effect in September and is completely unenforceable it is now on the books. I am confident the Governor at the request of taxpayers and all of us REALTORS together will hold a special session to re-examine the merits of such a wide breech in our trust and in our pockets.

The argument can be made, why should I care if an investor looses his shorts to the lenders? Well in my opinion you should, it starts there and slowly erodes to you and I. If the lenders can just go after a homeowner why then would they agree to short sale a home? With our lagging market, bulging inventory and several more years of pain in front of us, why would we allow the lenders who propagated this mess to then also profit from it's decline by throwing us deeper into debt and into total turmoil? We for too long have let our country and our common rights as American's get away from us, we need to get this turned around and quickly. Let your representatives, your neighbors and family know what you think and decide upon some action.