Well, September has come and gone and now we are in the last quarter of the year. Is my prediction of hitting the bottom and starting back up going to happen? To be very honest I question that, but I am still seeing signs of a small housing recovery in many areas of the US which will eventually filter down to Tucson. I am not talking new homes but Resale homes in Tucson. Our Inventory continues to go down over the last six months which means we are keeping up with the homes coming on the market.

Again we have had some changes that were not for the good, but the changes were small. Sales of homes over $500,000 numbers are still dropping. This has more effect on the Average Sales price than the Median, but our Median did drop almost $5000 from August which surprises me as Sales were down by just 42. This next month will probably be key to our recovery for the last quarter.

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)

Again I have seen some good statistics on spending which can work its way into housing. Interest rates are still at all time lows, but do not expect them to stay this low for much more than six months.

Jobs are still the prime factor of when we will really start out of this terrible spot we are all in. If you have a good job that is safe, you better be very thankful, as you are part of the lucky ones. I think a lot of our lives could change if we just looked at our Tax Code, Taxes and OIL. WHY, when we sit on more of the worlds reserves do we continue to buy from other countries? Do not believe what is said by the administration that we only have 2% of the world reserves, as the statement is flatly false, based on our own governments statistics. Just another scare tactic to stop us from drilling. We have the technology to drill and protect the environment but we do not create the jobs in that area and produce much cheaper Oil for the US, that the money stays in the US.

Call me at 240-7130 if I can help you with a owner occupied home, or you want to buy investment homes. We have a Lender right here in Tucson that will allow, I believe up to 10 homes, that the Lender keeps in their portfolio.

Have a safe Halloween.

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.