Well here we are in the Month of December and almost Christmas. November was a good month and  continued what I felt would happen in the last quarter of the year. I feel we have reached the bottom of the market in Tucson. October and November are showing improvement and December should be about the same as November which should finish out the year on a positive note.

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)

Everything shows improvement except the listings under contract went below 2000 units which gives me some concern. A large percentage of this number is Short Sale and REO homes which may be due to the Holidays coming up and people want to wait until January. I know I have a buyer that is thinking that way. I really think we are in a break out position as far as Tucson is concerned. Our Inventory has been very steady and we are not getting a large number of homes for sale. If you stop to think about that, you will see that not many homes will go on the market because most of the Sellers will owe more than what the home is worth today, so we do not see that upward or downward movement of Sellers to Buyers as in years past.

Now here is another thought. The people that lost their homes two years or more ago, and who have cleaned up their credit except for the Short Sale of their home, are entering the time frame where they may qualify for a FHA Loan. It will be available for those who can qualify. If you are in this part of your life and still want to purchase, start checking with a good Lender. As time goes by the numbers will increase and the inventory will go down as prices start back up, I hope at a modest increase. We do not need another 2005.

If our wonderful Government would only get their act together we might see National Improvement, which would bring people back to Arizona again, because we have a great place to live. All we need is a great place to work and Great Schools and we would all be better off. I know we all have our different opinions, but I ask you how good has this Administration been for you? They had it all for two years and squandered it all, for most of us. You do not create jobs by taxing and spending. You create jobs by helping businesses grow and hire which is not where we are today. Tax, tax and spend, spend(with money we do not have) on things that should not have the priority that was done.

Our freedoms are being taken and we just sit and argue about who is right. We must start reducing our countries expenditures to get back to a balanced budget. We now are a society of what I want, I want it today, even if I have to pay for many years. What happened to just plain CASH. No cash, no buy. I know credit is great, but manage it well within your means. You do need some credit to buy a home. No Credit, you may not be able to buy, but manage that credit well.

I guess one of these days I need to write a Blog about what I feel. I know it will cause some to not like me, but that is OK, as we should all be able to express our opinions. I spent 21 years in the Air Force and never worried about, was I liked. My job needed to be done and all I expected was RESPECT. Follow the Rules and we all get along. If you are paid for eight hours of work, give eight hours of work. Be on time, and by all means do your job right, so someone does not have to fix your mess. Your mess costs your employer and I question why you are still there!

I want to wish all my readers a MERRY CHRISTMAS and a Happy New Year. Make 2012 the best year of your life, and help anyone that you can, as so many are hurting. My small church in Vail, Grace Fellowship, takes this as their, shall we say Mission. They have partnered with many, to help others. They want to help the Vail Community and schools, so others may be able to get back on their feet.

I hope you noticed that I was not politically correct and wishing you Happy Holidays as I believe in the greatest history book out there which is the Holy Bible. What was good for our forefathers should still be good for us. Why are the few allowed to dictate to the many. There is space for each of our beliefs, so don’t try to shut down the other person.

Again Merry Christmas to all and to all a good night

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.

Well here we are again. We just got our Debt Ceiling increased and some Spending cuts in the out years. That is not what we need. We need cuts in spending now to stop this upward spiral that will cost all of us for many rears to come. We as the public can not operate this way because we can not print money. We need comprehensive tax reform that cuts out subsidies, reduces tax rates, eliminate capital gains tax, and the death tax. I am sure I left some things out but we need to have a solid plan so businesses know what to expect 10 years from now. These are the Businesses that are going to hire our Millions of unemployed.

This Administration took their eye off the ball and worked only on Heath Care. I am sure there are many that think this was a great thing and in ways it is, but there is so much tax law in this Bill that it will all come out after this current President is gone. The cost to all of us will be so much higher than projected that I really hurt when I think what is coming down the pike. I will be retired when the sh…hits the fan and it will if this program remains. We need smaller government that works for us not their political future.

Now the July statistics. We are again just in a holding pattern but not going down. What has gone down is the interest rate. We are under 4.5% for the moment and you need to act soon as it will probably stay under 5% for a few months. Some of the important numbers are down some but that has changed each month for this past year. I am still looking at a more stable market in 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 may 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 have had a great month and I hope this shows up for all of our Real Estate community and we really get up for that last quarter of 2011.

If I can help you do call me at 240-7130. We sell Real Estate and my son David does East side Property Management. David and I also do Short Sales for Owners who are underwater. Call us.

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?

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.

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.

An Amendment to a current bill working its way through Congress would extend the closing time on the Home Buyer Tax Credit from 30 June, 2010 to 30 September.2010. I have two buyers that I have been fighting for since February, who wrote Short Sale contracts, and it looked like we would not get them closed until July.  The proposed bill would not allow any new purchases to be considered for the tax credit but this would sure help them and the thousands of others who were hoping to get the credit but are fighting a losing battle against time-frames and overloaded lenders, negotiators, underwriters, and appraisers.

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.