2012 Crystal Ball Conference Recap

On Thursday, November 3 Fidelity Phoenix held a Crystal Ball Conference at the Tempe Center for the Arts. Over 500 Realtors were in attendance, and attendees were able to interact with the panel. Below is a brief recap of the event. A video of the event and the Power Point Presentation will be made available soon, if you would like the video and/or presentation please contact your Fidelity Phoenix Representative.

·The Power Point Presentation was created with data from Mike Orr of the Cromford Report

·Data showing that REO market is slowing down and that Short Sales will dominate 2012

·Bank panelists concurred that they want to increase their short sale approvals for 2012 and are hiring more people on their teams

·Banks would rather approve short sales than foreclose

·Possible trend upward trend in prices b/c SS tend to sell for higher prices than REO in AZ

·Only 2 years ago, banks handled delinquent mortgages almost exclusively by foreclosure so a shift to SS is momentus

·AZ Mortgage Delinquency rate is down 32% since 2009 which is a bigger drop than any other state in the nation

·There is no longer a glut of future foreclosures looming over AZ