This document summarizes a Crystal Ball Conference presentation on the Arizona housing market. It notes declines in home listings, REOs, short sales, and normal listings of 68-83% in greater Phoenix. It discusses the "shadow inventory" of homes that have not yet hit the market after being purchased by third parties or reverted to beneficiaries as new REOs. Arizona now has the largest decline in home loan delinquencies of any state at 32.1%. Charts show Arizona has fallen in rankings of non-current home loans and homes in foreclosure. The document concludes by noting Bank of America's plans to increase their short sales by 60-70% in 2012 with an expanded staff of 3,000 to handle more short