In my Opinion.................Overall our Real Estate Industry is going through some very tough times, with many foreclosures throughout the United States. We as a nation have never experienced anything as devastating as this issue of foreclosures. Updated Statistics tell us that of all the distressed properties in the U.S. only 10% are actually Foreclosures , and the remaining 90% are or eventually will be Short Sales. Now can you imagine what is just behind this Foreclosure epidemic, unless our Government can do something to change or alter the inevitable of all  foreclosures..........I think they can and they will! The Lenders in conjunction with our Government, must rewrite existing Mortgage Loans to a lower interest rate, such as 4% for 5 years for those who are in financial straits and cannot make their Mortgage payments............during this 5 year period, the Government would make up the deficiency to the Lenders from the allocated stimulus money that will be available soon. The Homeowner will have to pay back this deficiency which will be deferred until the homeowner is in a financial position to refinance or sell the home.  This scenerio could be a win/win situation for everyone involved!

It will be very interesting to see what our President has in mind for the Maricopa County housing market this Wednesday, February 18, 2009. I for one am confident that something drastic is going to happen to help the thousands of homeowners facing Foreclosure.

 Personally, I plan on going to this meeting along with a Business Group I am affiliated with. If so, I will email you a report the day after the meeting. Thank you,

Lee Moore Sr., Associate Broker, ABR,CRS