In a recent post from Tom Ruff (The Information Market) we learn that AZ may be coming to the real estate plateau that we are all looking for...
"The future depends on a number of factors. Prices are still falling, but if more lenders cancel foreclosures like Countrywide did last week, then this source of supply will start to fall and the downward pressure will ease. Many people who are current in their mortgage payment resent other homeowners being helped by their lender. However preventing that foreclosure in your neighborhood is going to help stabilize your home price, so when others are helped you are getting indirect help too.
The market is in fact more healthy than it was this time last year. But the market cannot improve much further until we see the number of foreclosures drop and an easing of the over-supply situation. Home builders have cut way back on their new builds, so it is now foreclosures that constitute the most significant source of homes for sale. The financial companies therefore hold the key to the future health of the market."
Good to know who holds the "key" - Let's pray that the keyholders do the right thing! Have a great weekend. -Jenny
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