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Arizona Short Sale: The New Norm?

by Charlie Allred

What is there in the marketplace to prevent Arizona short sales from becoming the new normal real estate transaction?

Really, the US continues to suffer from an overhang in housing and in fact is still building new homes in some areas while existing inventory of homes lies vacant.

Employment continues to be an issue as well. The US showed a decent job growth number this past month, however it was due largely to temporary workers hired on for the holidays.

When you add these two items together, the short term outlook for homes and home ownership looks grim. In fact, I see more foreclosures in the future.

Arizona foreclosures have been somewhat steady in recent months, but there are still a majority of homeowners who remain upside down on their mortgages. With the outlook on jobs being somewhat negative in real terms, these home owners who are still upside down or who have missed a few mortgage payments are in jeopardy of being foreclosed on.

Obviously, the banks and lenders do not want these non performing assets on their balance sheets, nor do they want the homes back. The only real solution is an Arizona short sale.

Watch what happens in the near future… I am willing to bet that every real estate agent and their brother will be piling into this market. The market for Arizona short sales that is. The lenders really have no other option when it comes to getting cash from these loans.

The new normal transaction will be an Arizona short sale.

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