"We can't overestimate the impact of vacant homes on everyone who is part of the Valley's housing equation," said Jay Butler, the group's director. "Buyers aren't drawn to the blocks with too many run-down, empty homes. Homeowners surrounded by empty homes often feel trapped and even depressed about their situation."
It's going to take several years to sell that many houses, especially with Arizona's new draconian laws on citizenship that have angered the large Hispanic community.
I sold my house in Scottsdale in 2005. The speculator who bought it put probably $30,000 into the house before reselling it. Today it's listed at $80,000 less than I sold it for.
Lack of regulation, greed, and hype caused this. There is no easy solution.