Foreclosure problem hitting Avondale hard

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One family only has $10 left

PHOENIX - A family is about to spend its last Christmas in their Valley home and they won't be worried about putting presents under the tree, they'll be worried about putting food on the table,

You hear the news as it goes from bad to worse; there are 36,000 homes here in foreclosure, according to RealtyTrac.

The people who are losing everything say bailing out banks or car companies won't bail them out.

For Robert and Jolene Burke, it's kind of hard to look back, but even harder to look forward.

Two years ago, Arizona offered so much to the New York natives and their three children.

But tough times have taken a toll and stand to take much more.

"I was the newest guy, I was there for 10 months, and they were having budget cuts," Robert said.

Jolene's job was cut too and now, the Buckeye home they paid $280,000 for is worth about $80,000 so there is no way to sell, no way to pay for it. Five days after Christmas, on Jolene's birthday, it'll be auctioned by the bank.

In Avondale today, government and business leaders discussed the impact of foreclosures knowing they've only got to look in one of 10 houses in the West Valley to find the answer.

"The bottom line is still the bottom line, December 30th, this house belongs to someone else," he said. "And we don't know where we will go!"

Economist Elliott Pollack said we have yet to hit the floor in terms of foreclosures.

He said the height of adjustable rate mortgage lending was in the spring, so rates will still go up as prices plummet. And that means another wave of people will lose their homes without help.

In one neighborhood in Avondale, almost 1 of every 4 homes is in foreclosure.