Ability Realty

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!