Urban Land Arizona's Annual Conference took place yesterday confirming the current state of the housing market and giving small windows as to what could be the near future for Arizona economic recovery.  Reducing foreclosures andexcess inventory are two of the bigget keys to help stabilize our market.  Reports indicate that since loan modifications became an alternative to foreclosure, nearly 58% of those whose loans that were modified are back into the foreclosure process some six-nine months later.  This is a sobering fact that many predicted but most hoped wouldn't happen.  Experts that watch the economic trends believe that there is another tsunami of foreclosures on the horizon.  How do they know that you might ask ?  It is a simple matter of looking statistically slightly below the foreclosure surface.  No matter what the percentage of homeowners in foreclosure in all loan categories (Sub-prime, Prime, FHA and VA), three -five times more than that are currently in default and headed to foreclosure.  There is some bright news in this fact, and that is the hope through replacing foreclosures with short sales which will give the homeowner a dignified solution to their financial crisis, complete a sale at the current market value for less than what the homeowner owes with the approval of the sale by the lender.  The criteria for short sales continues to be dominated by a documented hardship which increasingly with job layoffs affects a wider segment of the population.  Seeking professional advice from a REALTOR with the skill sets to manuver the process is critical.  Seeking a CDPE (Certified Distressed Property Expert) is the first step.