Tucson's "the sickest housing market in US" (Phoenix: rental, townhouse)

[cheesecurd]

Tucson has the sickest housing market in the United States, according to Yahoo! Finance.
With a homeowner vacancy rate of 6.8 percent and rental vacancy rate of 15.9 percent, Tucson came in at No. 1 on a list of “America’s ten sickest housing markets.”
“The city had a booming residential housing market before the crash,” the article by 24/7 Wall St. says. “Since then, demand is so low that median home prices have dropped 18 percent in the past year and 33 percent since 2008.”
Tucson's "the sickest housing market in US"

[Boompa]

I believe this is the second thread on this but I just can't see how Tucsons market is nearly as sick as the East and West Valley of Phoenix

[Marcy1210]

americas-sickest-housing-markets-247wallst: Personal Finance News from Yahoo! Finance

This is the original article that explains the methodology used in determining the "sickest" cities.

[tijlover]

Example: I'm scouting around for the cheapest townhouse I can find in either central Phoenix or Tucson, whichever comes in cheapest as I'm moving from one of the sicker RE markets in the country: Las Vegas.

I've done my searches, what can I buy between $10k & $30k, either city?

Based on "sickness", how sick can you get to scoop up an inner city townhouse in PHX, up to 1800SF, in the $15k-$20k range!!! There was even one listed for $12k!

Tucson? Can't find that there! I tried Yuma, too. There, either!

I prefer to move to Tucson, closer to Nogales, and in another year, maybe I'll see PHX prices in Tucson!

[iflyjetzzz]

Tijlover, that's what the article is telling you. You'll see current PHX prices in Tucson in the future. Prices will continue to fall until demand meets supply.

[missmouseaz]

The entire basis of this article is based on a fallacy - That the housing market was doing good, (booming) and now is doing bad, (crashing).

In reality, we were in the middle of a very unhealthy bubble a few years ago, with median home prices somewhere between 4-6 times the median income. In some extreme areas of CA, houses were 8-10 times the median income! That was not a 'boom', and it was not healthy. It priced millions of people out of their local market, and gave millions of houses over to flippers, investors and speculators.

The market is currently correcting, and while there are bargains to be found, we'll only get back to a normal, healthy market when the median home price is 2-3x the median income. (ex. someone who makes 40k a year can buy a house for 100k).

However, we still may dip way below median (those 25k houses, for example) before we stabilize at the mean. And given that incomes continue to drop - who knows where that will be.

[Boompa]

Originally Posted by missmouseaz

The entire basis of this article is based on a fallacy - That the housing market was doing good, (booming) and now is doing bad, (crashing).

In reality, we were in the middle of a very unhealthy bubble a few years ago, with median home prices somewhere between 4-6 times the median income. In some extreme areas of CA, houses were 8-10 times the median income! That was not a 'boom', and it was not healthy. It priced millions of people out of their local market, and gave millions of houses over to flippers, investors and speculators.

The market is currently correcting, and while there are bargains to be found, we'll only get back to a normal, healthy market when the median home price is 2-3x the median income. (ex. someone who makes 40k a year can buy a house for 100k).

However, we still may dip way below median (those 25k houses, for example) before we stabilize at the mean. And given that incomes continue to drop - who knows where that will be.

Dead Cat Bounce

I've stepped aside to let the crazies run around bidding against each other. Perhaps the downgrade and subsiquent interest rise will slow them down

[cheesecurd]

We are flying down to Tucson tomorrow with CASH in hand!. We hope since we don't need financing we will get the home we need with NO MORGAGE! wish us luck. P.S. please make it stay cool in Tucson for our visit!

[vjsoto]

Excellent! Cash buy... that's the way to go!

[cheesecurd]

Well, we are on the way to Tucson! Flight leaves in 3 hours. We sure are looking forward to receiving our paid in full deed to our new retirement home!. See ya all this afternoon!!!!!