Luxury event february 2013
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Transcript of Luxury event february 2013
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Delinquency Rates Down80% of the way back to normal
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AZ
USA
ranked 5th worst
ranked 40th
7.3%
10.6%
13.5%
16.3%
Normal level is 5%
© 2013 www.cromfordreport.com
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Shadow Inventory?
• “We don’t know what the banks are hiding”
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Lender Owned Homes / Condos
City ZIP Homes Unlisted REOs
ActiveREOs
REOs in Escrow
% Unlisted REOs
Phoenix 85018 13,231 12 4 8 0.09%
Paradise Valley 85253 6,563 5 1 4 0.08%
Scottsdale 85255 18,331 12 6 3 0.07%
Scottsdale 85258 6,394 2 0 0 0.03%
Scottsdale 85262 7,022 10 9 2 0.14%
Scottsdale 85266 5,843 3 1 1 0.05%
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Supply
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excludes active listings under contract seeking backup offers
2,9122,894
3,596
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Sales
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Prices
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30 DayOutlook
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Outlook for the Luxury Market
• Continued recovery and prices will gradually rise
• Pending foreclosures will soon fall to normal levels
• Short sales will be much less significant
• Increasing confidence in the market
• Improving credit -> more move up buyers
• Builders will slowly return to luxury market
• Luxury market will improve from the bottom up
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