Eeyore would probably be perfectly content with the information I'm about to share with you.  However, some of my friends and associates will most likely think this post is leaning to the "doom and gloom" side of things.

The intent, however, is not for this to be perceived as negative information, or to elicit feelings of sadness or depression.  And it's certainly not to be construed as "The sky is falling!"  Rather, the intent is to make my Arizona clients and fellow Realtors/Brokers aware of an eye-opening source of information that could prove to be invaluable to all of us!

I remember just a few years ago when it was considerd tabboo to discuss the financial status of a specific builder.  And yet, due to the rapidly changing real estate market, the Arizona Department of Real Estate has posted on their website a public document wherein you can find a list of all the builders and developers in Arizona that are in financial difficulty, foreclosure and/or bankruptcy. Here's a sample page:

According to the ADRE, "Homebuilders who end up on this list are required to place and hold all earnest money and down payments in a neutral depository."  You can view the enitre list by clicking on the above screen shot (chart image), or here.

Now this is my point ~ if I'm looking to purchase a new construction home anywhere in Arizona, or if I'm a Realtor who is working with and assisting a client in searching for and contracting with a builder for a new house, don't you think it would be a VERY wise thing to consult this list first (which us being regularly updated) before entering into a new contract?

Yes, it' a sad thing to see 6 pages worth of troubled builders, but most of the builders out there are NOT in trouble!  So while it may seem like a 'bad news' document, I personally see this is as excellent source of information that could potentially save a lot of us a lot of heartache and money.

All the best!

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