I think October was good month with all the statistics looking better. I still believe we will hit bottom before the end of the year. Prices and Interest rates are at all time lows and we are seeing more calls to look at properties. Total units Sold did come down but Listings under Contract went up a small amount.

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)

What a difference a month makes. I hate to make too many predictions but I feel by the end of the 3rd Quarter, Tucson will be on its way to healing our local Housing Market. Will we be out of the woods? No, but I think we will see the market leveling and possibly a lower inventory that will cause prices to reverse the downward trend. So many home sellers would be upside down if they tried to sell right now so they will not put their home on the market for a while. At the same time I have seen a slowing of Foreclosure Notices being recorded.

The Foreclosure Notices have decreased, but is that due to fewer people in trouble or the Banks letting it slide while they extract themselves from Court actions that have happened all over the US. The inventory of REO’s has slowed, but I can attest that is due to the Banks not completing the Foreclosure after the 91st day. I have one that has been extended at least five times with no Contract, and the only reason I can see is the problems the Banks had with Robo signers. I am not sure why this should affect Tucson or Arizona as we are a Deed of Trust State which does not require a Court action as do many of the Eastern States who operate under Mortgages. What ever the reason, it has slowed the recordings of Notices. Fewer Notices, fewer REO’s from Foreclosure and fewer Short Sales. As this part of the inventory shrinks and the sellers that are upside down do not try to sell, the Inventory gets smaller and the number of buyers wanting to buy gets larger, we will see prices starting to increase.

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)

Our State, but mostly in the Phoenix area, has seen its more than fair share of Foreclosures. We are just one of a few States that really got in trouble. But what about those other States that they can sell today and move to Tucson. This too will increase that buyer pool that will help push our prices back up. What is back up? Do not expect large or fast increases, but we will start to dig our way back out of the hole. I hope to see a 3%-5% increase each year for the time coming. This was the norm for many years. Some areas of Tucson did better but this steady increase is much better for our community.

The other point, if you think you will wait, is interest rates. THEY will go back up, and I think sooner than later. I again expect by the end of the 3rd quarter rates will be above 5.5% and probably closer to 6%. Our National economy is really in the tank and there are some good signs, but as long as Congress spends more than is brought in, we are in trouble. With our divided government we will not make much headway to improve our lives. We need a change!!

I personally have been busy and I thank the good Lord for that, but I have time to do more. If I can help you, call me. Use my website www.BarryFotheringham.com to gain access to our MLS as much as you want. If you are a renter use www.AbilityRentalHomes.com to find that rental. If you are a renter, why not see what you can buy instead of renting. It is much closer than you think. Call Elaine DeTour-Spronken at NOVA Home Loans at 520-202-5343 to see what you can do. She is excellent and I have used her for years for my clients. She is very Service orientated and will give you straight answers.

Since I have not had time to really say what I feel and think I have kept my posts short, but this should help you see what is coming in the next six months to a year.

Why not call me and get ready to buy?

I can not believe so much time has gone by since I looked at the statistics below. I have been very busy showing property and trying to get Escrows to close. Let the Buyer beware!!

If you are doing a contract that is an as-is, do not expect to get much done on repairs. Make your price reflect the repairs in your initial contract and be sure you have the funds to do the necessary ones. If you are buying an REO with FNMA, DO NOT expect them to pay anything that they have not agreed to in their addendum. They will walk you down to closing and not pay for anything that is not called out in the Appraisal.

And speaking of appraisals… I just had one that we provided the appraiser a proposal to replace 30 broken and missing roof tiles, and fix roof due to water stain on front roof exterior. The appraiser did not write it up and said they do not have to do roof certs anymore. That was a $1200 repair. Let the Buyer Beware!!

We had a number of closings in March, but some of the other statistics did not hold up to improvement. BUT just wait, as that will change. I see maybe six more months of small decreases and then upward movement. Interest rates and housing prices will start up so I suggest you have purchased by December so you can lock in payments that are lower than renting. This will probably be the lowest pricing you will see for a number of years. When demand picks up the new homes will still be more expensive for about six months into 2012 and then they will get closer, but higher.

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)

If you have the ability to get going on your home purchase, call me soon so you can get into your own Home before rates change and they will.

What a difference a month makes. Everything went in the correct direction and I am praying that it starts a trend. I am seeing it in the properties I am showing and the properties that are going under contract during March. I have been very busy, which is great, but tiring.

Interest rates have gone back down below 5% which is also good, but I would not count on it staying there. Markets will be in a turmoil because of happenings in Japan and Lybia. Gas prices are up for what reason I do not understand except, it again is the speculators driving the prices up.

I am short on time so I will give you the new table and try to write another blog next week if time permits.

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)

If I can help you Buy or Sell call me. I can do Short Sales, sell you a HUD Foreclosed home or just a regular Foreclosure (REO). Call me at 520-240-7130.

With the Holidays in the month of December, I think we did pretty well.We had 907 Sold Units but a lower number of Listings under contract which I can see is probably the result of the Holidays. Days on market went way up to 106, but Median and Average Sales price did well.

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 am working with more buyers since the 1st of the year and think this will continue. Rates are still low but I am not counting on it staying below 5% for much longer. Short Sales and REO property are still dominating the market but this month and last month at least showed us in a holding pattern. If the inventory drops as it did this month we might see a small increase in pricing.

Many of the Banks are taking their time before foreclosing on properties and this will hold the listings down for a month or so. If the unemployment decreases and jobs start up again, I think we will slowly come out of this economic crisis we have been in. The more homes that sell in other states gives us a good chance to pick up some buyers that want warmer climates and are ready to retire. It has happened many times in the past 30 years and it will happen again.

I am still available to assist you in buying or selling. I have Short Sale experience to assist you, if you are in that unfortunate position. Call me at 520-240-7130.

I wish you all a great new year.

Well this month we are close to, or better than last month, but at least we are holding steady. Still a lot of Short Sales and Foreclosures which are dictating our pricing. Interest rates have gone back up by about .5% to about 5% and I expect to see it go even higher.

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)

We will soon have a better balance in the House and Senate which I am praying will start healing our Economy. The public got shorted when this was not the highest priority back in 2009. The extension of the Bush Tax cuts for two years will help but it still does not let the job makers know where they will be at the end of the two years. We have got to pull in the reins on spending if we are ever going to get out of this debt we are establishing.

Here is a concept, why don’t we work for the public and not your re-election or party. Come to agreement on what’s good for the people who got you there. Stop the Pork add on, and let your request stand by it self, or how about letting the States decide what they want.

Well anyway I hope you all have a Merry Christmas and a Happier New Year than this last one.

If I can help you for any Real Estate reason call me at 520-240-7130

Well the other shoe dropped and things are still going down. Most all categories I list have gone in the wrong direction.The only positive item is the Listings under contract which continues to go up since July when we had a big drop.The number of 1899 shows contracts still in escrow at the end of the month. This is probably due to Short Sales and possibly REO listings that are taking time to close and continue to push the number higher as they do not close for a longer time. Over all we really had a down month.

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)

We did see a large slowing in foreclosure filings, but on November 9th they starting hitting again. I keep running into owners that move out of their homes as soon as they get the Notice of Sale. Why??? There are so many better ways to save their credit, while trying to get a Loan Modification and then a Short Sale if the Mod will not work. Some times they can be in their home for many months before the problem is resolved. The Lenders really do not want the homes back, when the owner could help get it sold and not have to wait a longer time before they might qualify for a new FHA loan.

I can help with your up coming foreclosure or your Notice of Sale which gives you at least 91 days from the date of the filing.

If you are a buyer, prices are at, or near, the bottom and interest rates are at Historical lows. Let me help you get your loan qualification going and find that great home for you.

Call me at 520-240-7130 or our office at 520-296-7143 with your request for help or start that home buying process.

Trying to make predictions is like riding a roller coaster. It has its ups and downs and you are not sure what is coming next. I really think that interest rates are having a good affect on our home sales. I just had a Buyer close at 4.375% with an FHA loan. She had needs for a maximum payment that she could live with, and we matched a decent foreclosure to her needs, and she is now a proud first time home buyer without the tax credit.

According to the August statistics we had 388 more listings under contract than the month before which is a good sign but can it hold? Anything listed under $125,000 is going to get showings, as these are homes that allow the buyer to pay less, or about the same as living in a two bedroom average apartment. If you are an apartment dweller now is the time to see if you can qualify for a loan and start looking for your own personal home. We also had 90 more closings in August than we did in July.

Some of the other statistics went in a bad direction. Look at the chart to see what I mean.

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)

We are still getting a large number of Foreclosures on a daily basis, so this will still keep our inventory up. Once the Foreclosures decline we will see a much more active market with price increases. I still think we are some months away from that. Maybe the November election will give us some real change starting after the first of the year.

If I can help you buy or sell a Home please call me at 240-7130

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.