not see how much a difference "distressed sales" make to U.S.
and
why the different sand states are being affected:
Fla was severely affected by the robo-signing problems, and has a huge backlog of foreclosures to work through.
Cal had a mediation/moratorium, which has just ended
Nev has just enacted a new effort to slow foreclosures down
and
AZ has none of the above.
Which might explain the believe that AZ will the be the 1st to return to a more "normal" RE market.
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"With one month of data left to report, it appears that the healthy, non-distressed market will be very modestly down in 2011, = year-over-year fell only 0.6%
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Those with the highest depreciation rates included
Nevada (down 11.2%); Illinois (down 9.7%); Minnesota (down 7.8%); Georgia (down 7.7%) and Ohio (down 7.2%).
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When excluding distressed sales =
Nevada (-8.8 percent), Arizona (-4.9 percent), Minnesota (-4.7 percent), Idaho (-4.1 percent) and Georgia (-3.6 percent).
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CoreLogic's November Home Price Index Shows Fourth Consecutive Monthly Decline
http://www.worldpropertychannel.com/north-america-residential-news/median-home-price-corelogic-november-home-price-index-hpi-declining-home-values-distressed-home-sales-5168.php
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CoreLogic: Home prices decline 4.3% in Nov
http://www.housingwire.com/
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