The reality is we do have more challenge to go through, we do have more property that will be returned to our Banks here and more write offs will occur. The good news is, there are investors out there purchasing property, homes, land, our transactions are WAY up over the first quarter of 09 as compared to 08. The Banks that get in front of this, that get a strong property distribution partner, either through a qualified Realtor base or Asset Management firm, will be able to get to the bottom and through the bad news, and start to move the needle north again faster. The longer Financial institutions wait, or don’t react to the market, the longer the challenge and pain will be.
For More Information On Banks Making Headway Read Today's AZ Central Article: http://www.azcentral.com/arizonarepublic/business/articles/2009/05/28/20090528biz-AZBanking0528.html
Steve de Laveaga
SVP Sales and Marketing FNT Maricopa