Tucson Real Estate Market

May 5, 2010 by · Leave a Comment
Filed under: Arizona 
City of Tucson
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The Tucson real estate market is showing continued strength with the exception of a few indicators, a welcome departure from the harder-hit Phoenix market.  According to an April 6, 2010 article in U.S. News and World Report, “Robust activity in the Tucson housing market may portend an end to the housing crisis there, even though home prices are still bumping along at low levels. Sales are rising as home buyers take advantage of big inventory, sellers willing to deal and the federal home buyer tax credit, says Bob Herd, president of the Tucson Association of Realtors.” The piece, composed by Christine Dugas, continued to note that “In Tucson, home sales were up 6.6% in February compared with the same month in 2009. ‘The first-time home buyer market is very robust, even with multiple offers in some cases,’ Herd says. ‘And the move-up market is starting to show small signs of life.’”

The same article in USA Today tracked other positive news for Tucson home sales, such as a higher median sales price. The article, written by Christine Dugas, found that “In February, Tucson’s median sales price was 15.5% lower than in February 2009. That was largely driven by a surge in sales at the low end of the market because of the tax credit, Herd says. Arizona still has the nation’s second-highest foreclosure rate. But among major metro areas, Tucson ranks 41st, which is much lower than Phoenix, at No. 8, according to RealtyTrac.” The article continued to note that “Foreclosure has made some popular areas more affordable, including Dunbar spring, which is a small, historic neighborhood near downtown.”

More mixed news for Tucson real estate was reported by an April 12, 2010 article in the Arizona Daily Star. This article noted that “Tucson home sales were up in March from the previous year. But the median price of homes sold – while higher than February’s – was down from March of last year. In Tucson’s housing market, 1,169 homes sold this March, with a median price of $157,680, says the latest monthly report by the Tucson Association of Realtors Multiple Listing Service.”

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Mesa real estate update

March 2, 2010 by · Leave a Comment
Filed under: Arizona 

Pool1Mesa is one of the larger edge cities found within the metropolitan limits of the large Phoenix area. Mesa real estate is still at a volatile juncture, with property values declining and foreclosures remaining among the highest in the country. According to a February 23, 2010 article in KPHO News, “We know all too well just how much the housing crisis has ballooned. Arizona ranks second in the country for foreclosures.” The piece, written by Elizabeth Erwin, also analyses some of the proposed fixes for the local housing crisis: “Democrat-backed House Bill 2765 would protect homeowners from scams and fraud by regulating the businesses that offer to help, the same way they regulate lenders…The plan also proposes a 60-day relief period to homeowners in foreclosure…Also, the plan would push back a foreclosure for up to a year if the bank isn’t playing fair with the homeowner.”

This same serious problem for Mesa homes for sale was echoed by a February 11, 2010 article in the Phoenix Business Journal, which found that “Arizona ranked second in foreclosures for January behind only Nevada, which has held the top spot for 37 months running, according to a RealtyTrac report released Thursday. One in every 129 Arizona housing units was hit by foreclosure proceedings during the month, a 4 percent increase over January 2009. That rate translates to 21,048 homes.” The piece continues to provide a broader perspective, saying that “Nationally, the number of foreclosure filings…fell 10 percent in January from December, but was up by 15 percent over January 2009.”

Property values for Mesa real estate for sale has also declined recently, according to a February 12, 2010 report by Fox 10’s Laura Sambol. She found that January property values declined in the Phoenix Valley, saying that “Homeowners across the valley will begin receiving their 2011 property valuations in the mail. Here in Arizona, valuations lag nearly 18 months, meaning the value you receive now reflects what a home was worth back in 2008.” The piece found that “values are down all across the state, in some places by more than 25%.”