Comments for Tucson Real Estate Blog http://www.barryfotheringham.com/tucsonblog What's happening in Tucson Real Estate Sat, 11 Jul 2009 03:46:22 +0000 hourly 1 Comment on Tucson MLS Statistics June 2009 by richardhomes http://www.barryfotheringham.com/tucsonblog/2009/07/10/tucson-mls-statistics-june-2009/comment-page-1/#comment-6470 richardhomes Sat, 11 Jul 2009 03:46:22 +0000 http://www.barryfotheringham.com/tucsonblog/?p=114#comment-6470 It look like your market has been improving. Many areas are doing better. Lets hope that the mortgage market holds together and we can continue the positive action. It look like your market has been improving. Many areas are doing better. Lets hope that the mortgage market holds together and we can continue the positive action.

]]> Comment on $8000 First Time Homebuyer Tax Credit by Tucson Real Estate Blog » Blog Archive » Tucson MLS Statistics June 2009 http://www.barryfotheringham.com/tucsonblog/2009/07/07/8000-first-time-homebuyer-tax-credit/comment-page-1/#comment-6469 Tucson Real Estate Blog » Blog Archive » Tucson MLS Statistics June 2009 Fri, 10 Jul 2009 21:01:45 +0000 http://www.barryfotheringham.com/tucsonblog/?p=99#comment-6469 [...] Read my post from a couple of days ago about The $8000 Federal Tax Credit. I feel this program is assured of being extended but not sure if more people will be allowed to use it. The Bill in the Senate calls for $15,000, but I really do not think that will happen. If you are a first time buyer (not owned a home in 3 years) I would advise starting to look now. Homes around $150,000 are getting harder to find in good condition and with the popular amenities (A/C, garage, etc.). There is a lot of junk at the moment. Expect the $150,000 priced homes to go above $152,000 and higher in nicer subdivisions. The current Tax Credit will cause more sales and leave fewer good properties on the market. [...] [...] Read my post from a couple of days ago about The $8000 Federal Tax Credit. I feel this program is assured of being extended but not sure if more people will be allowed to use it. The Bill in the Senate calls for $15,000, but I really do not think that will happen. If you are a first time buyer (not owned a home in 3 years) I would advise starting to look now. Homes around $150,000 are getting harder to find in good condition and with the popular amenities (A/C, garage, etc.). There is a lot of junk at the moment. Expect the $150,000 priced homes to go above $152,000 and higher in nicer subdivisions. The current Tax Credit will cause more sales and leave fewer good properties on the market. [...]

]]> Comment on May 2009 Stats… by richardhomes http://www.barryfotheringham.com/tucsonblog/2009/06/08/may-2009-stats/comment-page-1/#comment-6467 richardhomes Thu, 25 Jun 2009 01:33:16 +0000 http://www.barryfotheringham.com/tucsonblog/?p=92#comment-6467 It is as you say better in mostplaces around the country. Hopefully rates don't go up and we can keep selling off the inventory. Our area in Bergen County New Jersey had gotton better this spring. It didn't get crazy but it has gotten some bids in the market. http://newhomesbyrichard.com It is as you say better in mostplaces around the country. Hopefully rates don’t go up and we can keep selling off the inventory. Our area in Bergen County New Jersey had gotton better this spring. It didn’t get crazy but it has gotten some bids in the market. http://newhomesbyrichard.com

]]> Comment on December 2008 Stats… by richardhomes http://www.barryfotheringham.com/tucsonblog/2009/01/13/december2008stats/comment-page-1/#comment-6465 richardhomes Fri, 23 Jan 2009 05:26:19 +0000 http://www.barryfotheringham.com/tucsonblog/?p=57#comment-6465 It seems your market is selling at about a 10 month supply of inventory. I suppose some areas are worse. I think we need more money for mortgages. If the fed keeps putting money into new mortgage paper with Fannies and Freddie, the money will eventually hit the market. So far it is only hitting in the conforming mortgages. I wrote about 10 weeks ago for the fed to borrow on long term treasury’s and put the money directly into new mortgages at low rates to get the market going. I also said they should provide investor financing to get the foreclosed homes bought and rented. Investor will bring a lot of capital to the market. All buyers must qualify under normal standards. My investigation also finds the heavily hit markets are reacting to the lower prices and lower rates and volume is picking up nicely. The banks can not get the money directly, they won’t lend or at least not at the rate and quantity we need. When a purchaser gets a mortgage, buys a property, the old mortgage gets paid off to the bank. The bank receives the money and the mortgage is retired. If the bank’s reserves we short to retire the mortgage that is another issue for their solvency. It seems your market is selling at about a 10 month supply of inventory. I suppose some areas are worse. I think we need more money for mortgages.
If the fed keeps putting money into new mortgage paper with Fannies and Freddie, the money will eventually hit the market. So far it is only hitting in the conforming mortgages. I wrote about 10 weeks ago for the fed to borrow on long term treasury’s and put the money directly into new mortgages at low rates to get the market going. I also said they should provide investor financing to get the foreclosed homes bought and rented. Investor will bring a lot of capital to the market. All buyers must qualify under normal standards.
My investigation also finds the heavily hit markets are reacting to the lower prices and lower rates and volume is picking up nicely.

The banks can not get the money directly, they won’t lend or at least not at the rate and quantity we need. When a purchaser gets a mortgage, buys a property, the old mortgage gets paid off to the bank. The bank receives the money and the mortgage is retired. If the bank’s reserves we short to retire the mortgage that is another issue for their solvency.

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