July 20, 2012
38 yrs old unemployed and homeless, Le Graham scavenges a neighborhood development that stopped 5 years ago when the housing crisis first hit. The property, as many, has weeds grow through the cracks in the cement of what was to be an expansive middle-class neighborhoods.
Many of the developments on the outskirts of Phoenix stretched into what use to be farm land stopped in 2008 as the housing market collapsed and money dried up.
Currently in Phoenix many banks and investors are holding properties and waiting for prices to rise to turn a profit. This depletes the amount of homes on the market and any need for home ownership is harder to find artificially driving prices up in Phoenix by as much as 20% in the past months.