With this sweltering desert city enduring one of the largest tumbles in housing prices for any urban area since the Depression, there is an unrelenting stream of foreclosures to choose from…That is prompting a flood of investors who want to turn as many of these foreclosed homeowners as possible into rent-paying tenants in the houses they used to own. Real estate got just about everyone into trouble in Phoenix, and the thinking seems to be that real estate is going to get everyone out.
By David Streitfield, May 24, 2009, NYT

Link to article