Realtor's seminar designed to help homeowners avoid 'bubble bath'

From the Arizona Republic Scottsdale: 6-02-06

Robert Long, a Scottsdale real estate broker has created a seminar titled;"Understanding Bubbles and Busts", which talks about how homeowners can avoida bubble bath, meaning losing their house to foreclosure. Long said thatthe Valley housing market has an inventory of about 42,000 re-sale homesin April, nearly five times as many as the previous April. What's worse isthat about a third of these homes are vacant, noting that investors are morelikely to slash their sales price than someone who is living in their homeand does not have to move. RL Brown in his latest Phoenix Housing MarketLetter notes that consumers cancelled contracts for new homes because theycannot sell their present homes in a "faltering resale market". The big questionLong talks about in his seminar is how low will prices go. He also goes overhow to avoid foreclosure. Realty Trac reports that about 6,200 Arizona homeswent into foreclosure in the first quarter of 2006, up 6 percent from thesame period a year ago. Nationally, foreclosures were up 72 percent year-over-yearin the first quarter.

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