| Traditionally, the summer has been a time when the | | | | become a homeowner had evaporated forever, but |
| real estate market begins to slow down in Phoenix, | | | | are now being presented with a second chance. Good |
| AZ. Partly due to snowbirds returning home, and partly | | | | for them. |
| due to our high temperatures which make us less | | | | Unless you have been living under a rock, you will likely |
| inclined to search for a new home. However, and | | | | be aware that many homes on the market are either |
| regular readers know that I am more realistic than I am | | | | R.E.O.S or "short sales". Let me explain. An R.E.O. (real |
| wildly optimistic, I feel that this summer season is | | | | estate owned) is a property that has been foreclosed |
| beginning to show some signs of life. | | | | upon and is now entirely owned by the bank. A "short |
| Recent FHA loan limit increases, coupled with dramatic | | | | sale" is where the current owner owes more than the |
| price reductions across the board, have opened up the | | | | home is worth and, in order to sell it, will ask the bank |
| possibility of home ownership to a whole new bunch | | | | to forgive some of the debt in order to complete the |
| of people. Many of these folks thought their chance to | | | | sale. |