The Crystal Ball Conference was held last week in Scottsdale. It includes prominent speakers from the Arizona real estate industry including over 500 Realtors, Brokers, Mortgage Brokers, and Economists. Michael Orr of the Cromford Reports was the featured speaker this year.
Highlights of the Conference:
· Data showing that REO (foreclosure) market is slowing down and that Short Sales will dominate 2012
· Bank panelists concurred that they want to increase their short sale approvals for 2012 and are hiring more people on their teams
· Banks would rather approve short sales than foreclose
· Possible trend upward trend in prices because short sales tend to sell for higher prices than foreclosures in Arizona
· Only 2 years ago, banks handled delinquent mortgages almost exclusively by foreclosure so a shift to short sales is momentous
· Arizona Mortgage Delinquency rate is down 32% since 2009 which is a bigger drop than any other state in the nation
· There is no longer a glut of future foreclosures looming over AZ
Please feel free to contact me with any questions about Scottsdale real estate.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536