I can not believe I let three months go by without updating the MLS Statistics. I know the reason, as we just changed our company name to Ability Realty. Yes, we did drop out of Century 21. Our office size did not work for us to remain in a Franchise, and I now feel a lot less pressure has been relieved on all of us. You can not believe what had to be done to change just the office name. It took us weeks to get almost everything accomplished.

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)

As we were a bit remiss in posting these statistics the following table is for the benefit of seeing the end of year statistics a little clearer.  Below is the table of statistics up through December 2009. The next post will bring all of the statistics current.

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)

The November Statistics show how the $8000 tax credit had a big impact on the Market. We had higher Closed and Listings under contract during October and then things started to drop in November. I have also been seeing fewer showings for this month of December due to the time between the November 30th cutoff of the credit program and the extension of the program. The Short Sales and REO’s got in the way of a quick closing and we still have many months left for Foreclosures and Short Sale properties still entering the market. If you are interested in buying and you may end up with a short sale property you need to get your offer in by mid January to allow time to get the lender approval so you can close before June 30th, 2010. I am experiencing better than 4+ months with Bank of America to approve a short sale.

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)

Bank of America is now using a new online program to work through the approval process. I had one of my listings with a buyer contract placed into their new system first started as REO-TRANS, and now called Equator. It looks good but I still see the same delays on their end. The faxing is not used now as everything is scanned in as a PDF file. May be hard on the seller to do some of the scanning. Lots of changes. I see I am now allowed to use this method with all of my Bank of America short sales. I also see that two other Lenders will be going into the same system.

If I can help you with a sale or purchasing a property please call me at 240-7130.

I am really late getting this up, so I will be short on my comments. September numbers will be out in a week or less. Numbers of Sold are down. So much of the inventory is Short Sales and REOs that it is really hard to know what is happening month to month. I have been experiencing buyers who have contracts on two (OR MORE!!!) Short Sale properties just waiting to see what will happen and then choosing one. This is wrong!!!! We have developed an addendum to handle our listings to hopefully stop this. We have just concluded the third buyer leaving on a property as they purchased another but kept the contract open until we told the selling agent we had an approval to sell the property. Where is the fair dealing in this? Someone is going to get sued or the agent brought before our Realtor Organization for ethics violations. Beware!!!!!!

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 really sure we will see some sort of extension of the Credit program. This program makes a lot more sense than the Cash for Clunkers as it causes so many more things to happen because of the sale. New appliances, paint, landscaping, and I could go on and on, but I know you see the value also. I think there are four or more Bills in Congress right now. It will happen.

Call me if I can help you. 520-240-7130

The numbers all look good and it shows a continued improvement for Tucson. The only number that was down is Listings Under Contract. This is not the total number under contract, but just new contracts accepted for the month of July. The May and June numbers will help keep the Total Units Sold near or above the 1184 units closed in July for August closings. I am still seeing a reduced supply of good homes up to $150,000. The good ones are gone in a few days after they are listed.

You still have time to find a home and get the $8000 Tax credit. The program expires on December 1, 2009. Will there be another program to extend this one? I believe there will be, and it may include any one selling their home and buying a different home (lots of other requirements also). It will have to be your personal residence and not an investment. The biggest problem I see is that your home may be worth less than your mortgage, and it would be very difficult for you to get out. Be thinking of this, as you might have some other way to pay off your loan and move into something else while prices are still low.

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 was talking with my brother yesterday and he lives in Orange County in California. He told me he is seeing and hearing of a lot more activity of people buying homes. So goes California, so goes Tucson about six months after. If they can sell we may still see them come to Tucson again.

I am really concerned with what I am hearing about the Adjustable Loans that will mature in 2010. This could bring another wave of foreclosures and short sales. If you fall in this category start trying now to get your loan refinanced or modified. The Lenders have done a disservice to the public by not modifying more loans. Our current President is not too happy about it and trying to pressure the Lenders to do more.

I also read in today’s paper that Manufactured homes will be very difficult to finance, as FHA may be backing away. It will make it very hard for a seller to sell and a buyer to buy. Now this is another one of those knee JERK reactions because of the higher percentage of foreclosures. Why are they high? Well if you could fog a mirror or whatever the lender could do, you got the loan. What is the difference between a Manufactured Home financing and a regular home financing. Nothing!!  Just do the right job on the loan qualifications and the numbers will be much better.

All the New Government programs and oversight are going to cost ALL of us big time. Appraisers are really being hit now because of another layer of oversight. The Buyer is paying more and the time frames to close will be two weeks or more because of all the new rules (JERK Reaction) that have evolved.

Enough.

If I can help you purchase or sell a home call me at 520-240-7130. Rates are still very low!

Let me start off and say that the Numbers on this chart are different from the previous posts, as the Multiple Listing Service (MLS) changed numbers to reflect the statistics that came in after the cutoff date. I did not see this until this month when the numbers were really different. You can compare what they reported in the May post. With that all said, we have really seen improvement with 115 additional sales over the last month and 130 additional Listings under contract during June. The Active listings are down by 245 units. All this is really good and really cements the fact that we have hit the bottom and are starting back out. I still feel we may see a hiccup with the foreclosures but this should be able to be handled by new sales.

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)

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.

If you see something you like, get it under contract right away because it will be gone if you wait! You also need to get your “Loan Status Report” (LSR) from your Lender which means you need to get that loan process started. No LSR, no contract, as the contract calls for it to be part of the contract.

If Congress puts out a bill for say a $8000 Tax Credit (extend the current 1 December cutoff date) for anyone buying a personal residence (except investors) this will make our market move faster and have a lot of owner occupied listed homes. It should bring up the prices of foreclosed and short sale homes.

If you are think of purchasing I would suggest you start looking now. Call or e-mail me for assistance. I can give you the name of a couple of good Loan Representatives. You can reach me on my cell at 520-240-7130.