Good news number one. Buyer activity has been so good the last couple of weeks that I didn’t get to post my Good News posts.

Two articles in today’s Arizona Republic were both Good News.

1. Trustees sale auctions now have increasing numbers of 3rd party buyers. 3rd party buyers have increased from 5% TO 12%. This means investors now have faith in the future of home sales in Arizona, and rcognize the present and future value of Arizona Real Estate.
2. Borrowers are now begining to contes foreclosures in court. Grounds given are that the lenders have failed to show good faith in attempts to modify loans, and have failed to show good faith in working with short sales. I hope this trend continues, and I hope legislatures at the state and federal level pass safe harbor legislation to hold harmless lenders and loan servicers from investor lawsuits if the servicer/lender does make the best possible modification or short sale. This will slow some of the foreclosures to a rate the market can better absorb.
3. Recent appraisals are coming with a 1004MC (Market Condition Report) showing stable a  or increasing market. Appraisers seem to think the bottom has arrived.

Jim Little, Your Sun City REALTOR®
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