Tucson Real Estate Blog

Here we are in August and Christmas is soon upon us. I sure hope our Economy is not due for a lump of coal. But, if things keep going the same way, I am afraid we are all going to get that lump of coal. Unemployment is still hanging at 9.5 % and I know I have no idea what my tax situation is going to be over the next 4 years. I know many businesses are afraid to hire or spend the cash they are saving as they too are not sure what is coming down the line. Bills were passed, but the real outcome is still not totally known. I am hard pressed to believe any normal person would not want to know what they were really voting for, but it seems it is a rush to get things passed in Congress to our detriment. I am in favor of Healthcare but not the way it is supposed to happen. If they pass a Climate Change Bill we will be paying and paying for mother nature. Can we afford it? I am so tired of the lies, and not the total truth coming out of our Government. Government is getting bigger and bigger and telling States how to run their business, when they do not obey the laws already on the books.

Enough!!!!

Well July was a mixed bag as a large number of properties now have Pending Contracts. This really surprised me, but I think interest rates had a big part to do with that. Even though that number went up the Total Unit Sales dropped by 378 units which did not surprise me.

Update 08/16/2010: I am adding this after corrections by MLS. The number was not 1703 as reported but 990 for Pending Contracts which keeps me more in line with downward pressure on number of sales in the coming months.

The figures on this table are subject to change due to late reportings and corrections. These changes are reflected in the next months statisical blog post after we receive the updated information. For this reason you will find inconsistencies if you compare the data on multiple tables.
* Closed during the month.
** For the current month (not the total listing under contract)

I still think we will see lower prices for 3-4 months getting us passed the election. The Federal Reserve has some ideas they are working on, but I still see Businesses not knowing what is going to happen and will stay on the sideline instead of hiring. They have learned they can get by with fewer people so why hire unless they know they will really grow. The reduced number of hires will still affect housing as it will not allow more buyers to enter the market.

We need a robust economy and History has shown that raising Taxes will not get it done. We are again getting ready to receive a tax increase because of the expiring tax cuts that were done in stages back a few years ago. Those expiring tax cuts WILL kill our economy for a much longer period if most of them are not extended before the end of the year. You really need to understand what they really are and that they affect ALL of us in not a good way if not extended.

I can not tell you how to Vote, but be sure you look at how you are making out now and what needs to be changed. CHANGE, were did I hear that before? We here in Arizona and especially Tucson are subject to Lower wages (why is that?) and an influx of Illegals that we have to pay for, with Police, Fire, Schools and that all important Medical. I grew up in a small town with many Legal Hispanic Friends in school and neighbors. I never gave it a thought that they were Brown because they were friends and Americans. MY brother and one son have Hispanic wives and I would not trade them for anything. They are and have always been my family. There is a right way and a wrong way to enter this country but we are now at a spot where we have to come up with a smart answer that makes sense. I am glad I do not have to give the answer, but something needs to be done to bring this problem to a halt. We have rights in this state but we can not enforce those rights according to our(?) GOVERNMENT. So be smart and look at who you are Voting for, but Vote. I already sent in my early mail ballot.

Before I get into the Statistics I want to do a late update on the Tax Credit Extension. The closing time was extended to September 30, 2010. This will give more time to close for the contracts that were written by April 30th, 2010. I had two Buyers that this has helped.

Now for the June Statistics. I was wrong on the Listings under Contract going down, but it will. It went up by 182 units to 1145 placed in escrow during June. Everything else was as I expected with all the numbers going in the wrong direction. I still think Tucson is going to see another downward slide in prices. Not sure how low, but not where we are right now. As soon as the Economy shows real improvement it will get better.

The figures on this table are subject to change due to late reportings and corrections. These changes are reflected in the next months statisical blog post after we receive the updated information. For this reason you will find inconsistencies if you compare the data on multiple tables.

* Closed during the month.
** For the current month (not the total listing under contract)

Rates are at an all time low and this could bring a few more Buyers into the market. They will have to balance price and interest. A few thousand dollars in price will not overcome a more expensive interest rate if the Buyer plans to live in the home more than five years. So give this some thought if you are a Buyer you may be able to get a price on a home that is a little bit lower and a great rate. Stay away from Short Sales if you want a good rate as it is taking around 5 months to get approval.

If you are or were in the military and have been overseas for at least 90 days from January 1, 2009 to April 30th, 2010 you are still eligible for the Tax Credit. See my May 18th Blog.

Call me if you want to buy or need to sell. I can help you if you need to do a Short Sale also.

Call me at my office 296-7143 or my cell at 240-7130

An Amendment to a current bill working its way through Congress would extend the closing time on the Home Buyer Tax Credit from 30 June, 2010 to 30 September.2010. I have two buyers that I have been fighting for since February, who wrote Short Sale contracts, and it looked like we would not get them closed until July.  The proposed bill would not allow any new purchases to be considered for the tax credit but this would sure help them and the thousands of others who were hoping to get the credit but are fighting a losing battle against time-frames and overloaded lenders, negotiators, underwriters, and appraisers.