Our Average and Median Sales prices went down again, but I really attribute this to more lower priced homes selling than higher priced homes. I will have to look at last months statistics to see how many higher priced homes sold. I may have to quote that number to show how it affects the Average and Median Sales prices.

I did look this up and I feel I am right as there were only 24 homes that closed above $500,000 in August as compared to 52 in July. I will add these numbers to our table and watch this statistic also. This will have a bigger factor in the Average Sales Price and a small factor in the Median Sales Price.

Total units Sold was 18 less sales than the previous month, still OK. Active listings has continued down over the last 7 months, which is also OK. Listings under Contract went back up from a low in July, which is OK. Average for, Tucson Days on Market, dropped 3 days, which is OK.

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)

All in all I would not call August a bad month, but a good solid average month, for where we are. I am still thinking this last quarter of 2011 will see us start to level out and price and sales pick up slightly.

I keep track of Notices of Sale, which become Short Sales or Foreclosures, and the number that was in the paper was much higher than my count (838). I did not keep the article but I know my number was lower. I am just looking at Residential and that may be the difference in the numbers, but not sure. Next month I will start posting my count so we all can see how the Notices of Sale are affecting our Tucson Market. These number are for Pima County and include areas not in the Tucson Metro Area, but should be a good way to measure where we are and how soon we might start out of the bottom.

With prices where they are, and interest rates hovering around 4.5%, I can not stress how important the next few months are if you are ready to purchase. Why not call me to discuss what to do. Call me on my cell at 240-7130.

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.

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 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.

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

May was a month that had some negatives but a few positives in total units sold of 1270 and and days on market coming down from 87 to 66. All other statistics went in the wrong direction to show that we are in for a rough six months for now. If the Economy does not pick up we will have too many homes on the market and too few buyers. Prices will have to go down to compensate for the larger numbers of homes for sale. Look at the drop in homes under contract which is just for those placed under contract during the month of May. It shows a 600 reduction from the month before. This is not good. I expect this number to be even lower for June.

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 are about ready to buy, get your loan qualification out of the way and obtain your Loan Status Report(LSR). Call a Lender and make an appointment. You will be faced with a large number of Short Sale properties and Lender owned (REO) properties on the market. If you have 3 to 6 months and you can wait, a Short Sale might be attractive. Just remember you may have higher interest rates after six months. Right now 5% is what you will find. If you wait, you may have a less expensive home but an interest rate at 5.5% or higher.

New Rule!! Once you have your credit report done by a Lender DO NOT buy Anything on time. That means those no interest payments also. Lenders for most loans will be pulling your Credit report again just before closing and it might cause you to lose the Loan because you do not Qualify due to that purchase you put on your credit card or a new purchase contract. After you are in your home and made the first payment and you can see your financial way to purchase something on time go ahead. Be Careful!!

If I can help you purchase or sell a home please call me at 240-7130. I have over 30 years of experience, as well as owning my own company, which once had over 40 agents. I have not seen it all, but just about. This has been the most trying time for everyone so let one of the best help you.

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 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)