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Arizona Short Sales: The Ratio Has Come Down!

by Charlie Allred

I stated in previous writings that Arizona short sales would become the new norm in home and real estate transactions… And, they did.

So much so that at one point in the market, Arizona short sales accounted for more than 70% of all real property transactions here in the Valley of the Sun. Short sales offer tremendous benefits to underwater homeowners. And, many have used this tool to get out from under a burdensome mortgage.

Short sales are a fantastic tool when used properly and executed properly by a knowledgeable short sale expert.

Recently however, I have noticed that the percentage of short sale transactions occuring in the property market has dropped. I would estimate that it has come down from 70% to around 50% in the past year or so.

It goes without saying that this is still a very high percentage of “distressed” transactions, but what has happened to cause the drop? Has the credit market suddenly opened up? Doubtful…

It seems that the major banks are still sitting on a great deal of foreclosed inventory that they are simply withholding from the market currently… But, there is talk of another wave of properties being brought to market through the foreclosure process as banks decide to act on delinquent homeowners. What will this do to the market? It could put more downward pressure on home prices. And, if it does… We could be looking at a double dip recession.

As scary as that is, you should get the facts on Arizona short sales so that you can move quickly in the event of a further loss of equity due to more foreclosures hitting the market. The last thing you want is to have no options if you decide “enough is enough” and want to get out of the underwater mortgage.

Give Arizona short sale tips a call for more information and a FREE consultation. Find out quickly if a short sale is right for you today.

 

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{ 2 comments… read them below or add one }

Stop Foreclosure Arizona April 26, 2012 at 6:55 pm

Interesting news that the numbers have dropped. Have banks stopped approving short sales? It will be useful to compare the April numbers once they come out, to see if the decrease is a trend.

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Charlie Allred May 13, 2012 at 6:27 am

The numbers have certainly come down… We’ll see how permanent that is though.

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