One of Arizona’s local bloggers, Twist, was featured on a discussion panel on Channel 12 alongside Jay Butler on the real estate side and Stan Lund on the mortgage side.

This was an excellent view for those interested in the Arizona real estate market. Those looking to buy homes in Arizona, sell homes in Arizona, or invest in real estate in Arizona, should definitely watch.

A few prime quotes:

Jay Butler:

“… still a viable market..”

“… mostly California investors feeling it…”

Debi Averett (twist):

“… for sellers, they have 12 people competing for 1 buyer and that makes it rough for a lot of people …”

“… this creates difficulties for the prime borrowers as well …”

Stan Lund:

“… I blame Wall Street …”

“… we only sold what was made available to us …”

I could go into more, but I think that “The Real Estate Guy” and “The Mortgage Guy” pretty much fit into their roles defending their livelihoods. Though I may be a big fan of Twist’s blog, I can’t help but feel that she was the only breath of fresh air and voice of reason on the panel.

It’s great to see skeptics getting more air time. Especially those as informed as Debi.

My one big question though is, where is the accountability? How can anyone who says “we only sold what was available to us” sleep at night when they know that they sold it to a family of 6 making $30,000 a year. As professionals they knew that it was a bad deal and that their commission would be paid with the stress and tears that family will shed come refinancing time.

As Debi points out on her blog after the show aired:

Here’s how I view the blame in all of this:

Picture a bag of cash falling off the back of an armored car and scattering everywhere- then passersby dash out and start picking up dollars. Some of them are honest, and give them back, others pocket them. Whose responsible for the missing money?

Some of these folks will protest when you say that multiple individuals are to blame. “Ah, you are one of those conspiracy theory nuts! Surely you don’t think all these different individuals, who never met each other before, conspired to steal the money?” No, I don’t- but I think they all saw an “opportunity.”

Blame is available by the containerload- there’s plenty to spread around after Wall St.

After the show, Lund was telling us how the Arizona Mortgage Brokers Association supports licensing for all mortgage brokers in the state to crack down unscrupulous ones- so he can’t really figure it’s all Wall St.!

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2007-08-24 11:20:57

[…] will take something else with him, too: a notice on his credit report that Wells Fargo officially foreclosed on his home. “In December 2005, I had pulled my credit report . . . and I was 738 (out of 800). […]

Comment by Noreel
2007-08-25 17:11:58

This is a very interesting news-clip.
Ive read in a few magazines that the Arizona market is still going up in value.
This is the first time ive seen anyone say that Arizona is a tightening market like Miami, Las Vegas, San Diego, Orange County, etc.

But at least homes are still very low price only around $200,000 or $300,000.

I wonder why they did not talk about the impact of stricter controls on illigel immigration has had on housing demand.
I am assuming the less immigrants (legal or illigal) is hurting the smaller markets like Arizona more than other market.
But it is interesting they mentioned Arizona needs 9000 people moving in each month to help stabilize(increase) demand for real estate.

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