INSIGHT 2012 - The Arizona Real Estate Summit

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Attended a great event this morning at Ocotillo Golf Resort with great and honorable speaker Arizona Department of Real Estate Commissioner Judy Lowe gave us a insight and up coming plan of the department on this coming year.

The most interesting speaker, I personally think will be Michael Orr from The Cromford Reports. The tittle "AZ Statistics That Will Change Your Way of Thinking", how true is it?

Here are some market insight presented by Mike based on statistics for Greater Phoenix Market.



Foreclosure Summary

• We are about 85% through the disaster
• REOs are becoming an endangered species
• Banks increasingly prefer short sales
• 3rd parties becoming trustee's primary buyer
• HARP 2.0 is proving effective for Arizona
• A government program that actually works!
• Fannie/Freddie loans only
• 2012 will be a very different market

Predictions for 2012 (warning - these may or may not come true)

• Phoenix will not behave like the national market
• Case-Shiller Index for Phoenix will rise for the next 2 months
• Supply shortage will get worse
• Foreclosure levels close to normal by end of year
• Distressed properties will get scarcer
• Lenders will slightly ease loan underwriting
• Buyer sentiment will improve
• Builders will start to re-enter the market
• Pricing will get more interesting.

Posted in: Foreclosure, HARP, Market Stat, Market Update, Mortgage, Phoenix, Refinance, Valley Wide