As a Sedona homeowner, you're probably well aware of what's gone on in the market if you read the newspapers, watch TV, read news on the web, podcast, whatever. Prices are down across the country for properties, and we've definitely been affected by the slowdown. Prices have come down in Sedona, however it's not as drastic as it is in other market like Phoenix, Vegas, Miami, etc. However, now that banks are starting to notice the reduced valuation, some banks are starting to pull their second mortgages on homes. So, if you have a second mortgage on your home in Sedona, expect a letter in the mail from your bank freezing your access to funds. I've heard of it happening to different people around town... and thought that this notice might do somebody some good out there. This just shows that the banks want to preserve their investment by not allowing people to over-borrow past the value of their house. It's smart of them to do this and it might prevent some future issues with certain borrowers.
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