REO PROPERTY UPDATE

Active Listings Distressed (% of total) REO Only (% of Distressed)

Valley Wide- 32,852 12,311 or 37% 4,564 or 37%

Scottsdale- 4,606 955 or 21% 270 or 29%

Paradise Valley- 562 61 or 11% 12 or 20%

We are seeing a dwindling of inventory, and a varying way of how the Lenders/Servicers and Banks are now distributing the property. The reality is, even if 25,000 REO homes below 250K came on the market next week, we would have that inventory absorbed in the next 90 days. We are seeing multiple offers on every decently priced REO property and we are seeing buyers become frustrated, as they are willing, have cash offers and made offers above or at asking price and still can’t get a home. What we need is transparency, this issue CANNOT be solved by Banks or Government working in isolation, but rather Banks and Government in partnership with the community and citizens to make sure we can indeed solve the issues of the increasing delinquencies.

Steve de Laveaga
SVP Sales and Marketing FNT Maricopa
Office Ph. 480-214-4500
Fax: 480-214-1743
email: steve.delaveaga@fnf.com
www.fidelityphoenix.com