Here’s  a summary I just received from a Senior Loan Officer at Bank of America that I think is right on the money (so to speak). Doug Frisch has been in Tucson many years and I respect his periodic forecasts/reports.

Although he is referring to the single family home market, his remarks are exactly what I’m also experiencing in the Land Market.

” While positive reports are starting to pop up in the media, we are still in a very fragile economy. The large numbers of short sales and REO properties competing with properties that actually have real human sellers in them has created a scenario that makes it difficult for the real home sellers to compete; as these REO and short sales prices are creating a drag on home appreciation. On a positive sign, I am seeing strong sales activity in these in these REO and short sales properties with multiple offers in many instances. …The business that is most active is the lower price ranges. This is indicative of the market in all of Arizona.”

What do you think? Are you seeing positive signs or more of the same?

This entry was posted on Thursday, March 4th, 2010 at 11:12 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.