The end of another year !

Well it's that time again and always grateful to have made it through another year!
I hope all my fellow bloggers had a great holiday season and hopefully 2008 will be a better year for the real estate market.

I will try to find some time and gaze into my and other pundits crystal balls and who knows maybe I will go out on a limb and make a forecast for the Scottsdale luxury marketplace. I do know that prices have been coming down and continue to see downward pressure especially in areas where there is excessive inventory.

Properties that are not the "best and brightest" are seeing even more pressure to adjust as Days on Market accumulate and sellers languish.
Homes in Scottsdale, of which there are 1484 currently on the market, priced over $1mm at current absorption rates results in a 32 month inventory.
www.PremierAZHomes.com

Subprime bailout may be a band aid !

Coming to the rescue- subprime fiasco !

Prime adjustable-rate loans -- not covered in the industry's rescue plan -- accounted for 18.7% of mortgages starting foreclosure, the second-highest proportion behind subprime adjustable-rate loans. The overall delinquency rate is the highest since 1986, with some 2.64 million borrowers nationwide behind on payments for their first-lien mortgages for residences.

Makes you think, may be a longer and deeper recovery period than people think.
www.PremierAZhomes.com