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Old 06-17-2011, 02:38 PM
 
1,433 posts, read 2,970,294 times
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Hillel house raising the roof; Tucson home prices fall second fastest in nation - Inside Tucson Business: Construction / Real Estate

Over 43% of homes now bank-owned.
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Old 06-17-2011, 06:51 PM
 
119 posts, read 292,310 times
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Looks like my planed little off season trip to Tucson in August to shop and buy a retirement home (cash in hand) is well timed. I hope they are ready to deal!

Last edited by cheesecurd; 06-17-2011 at 07:15 PM..
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Old 06-17-2011, 09:39 PM
 
Location: Kerrville, TX
76 posts, read 258,829 times
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Quote:
Originally Posted by cheesecurd View Post
Looks like my planed little off season trip to Tucson in August to shop and buy a retirement home (cash in hand) is well timed. I hope they are ready to deal!
You can expect to see falling prices for a couple more years. Banks have many more foreclosures to put on the market but haven't yet to prevent driving prices down even faster. Also doesn't show up on their bottom line as a loss until it sells.
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Old 06-17-2011, 10:00 PM
 
Location: Green Valley, AZ
351 posts, read 969,606 times
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Quote:
Originally Posted by cheesecurd View Post
Looks like my planed little off season trip to Tucson in August to shop and buy a retirement home (cash in hand) is well timed. I hope they are ready to deal!
Yup... offer low! There are deals to be had.
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Old 06-18-2011, 03:21 AM
 
119 posts, read 292,310 times
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Quote:
Originally Posted by IndianGoldEagle View Post
You can expect to see falling prices for a couple more years. Banks have many more foreclosures to put on the market but haven't yet to prevent driving prices down even faster. Also doesn't show up on their bottom line as a loss until it sells.
I know that no one can predict the bottom price in a market, but if you are planing to live in a home for more than 7-10 years (or more) and have no mortgage it seems to be a good time to buy. I personally am expecting another 20-as much as 30% drop in prices within the next 2-3 years (I hope not that much). Appraisals of most homes are now below asking prices. I do pray things get better in this country and I am sure they will. It took many years for us to dig this hole that we are in now, and it will take years to climb out of again. (its a sad time) cash is king in this type of market and if you can its great to by pass the banks and loans when buying.
Moderator cut: copyright issues - post link and snippet only

Last edited by Kimballette; 06-18-2011 at 09:44 AM.. Reason: copyright issues
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Old 06-18-2011, 09:53 AM
 
Location: Marana, AZ
66 posts, read 146,311 times
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Quote:
Originally Posted by cheesecurd View Post
Looks like my planed little off season trip to Tucson in August to shop and buy a retirement home (cash in hand) is well timed. I hope they are ready to deal!
I would say so! There are some REALLY HOT deals to be had. I've helped a few friends scoop up some great properties this past month at a fraction of current market prices. Even if prices continue to fall - we've all purchased at about 50% of *current* market prices so we have some cushion built in. Just since I started looking (March), I've seen prices drop as much as 20% in some neighborhoods. And I thought the prices in March were fantastic - so it's possible in August things will be INSANELY cheap.
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Old 06-19-2011, 09:34 AM
 
1,433 posts, read 2,970,294 times
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Quote:
Originally Posted by cheesecurd View Post
I personally am expecting another 20-as much as 30% drop in prices within the next 2-3 years (I hope not that much).
I agree with your assessment. Job recovery has been slow and more so in the Tucson metro area. Double dip recession is looking more possible. Add to that cutbacks in major employers like U of A, city & county, etc. Anyone who has recently purchased would understandably like to think they bought toward the bottom. They haven't.
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Old 06-28-2011, 11:09 PM
 
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We bought our home for retirement here in Tucson's Eastside (love it) in January and got a good deal. However, most of the homes in neighborhoods you'll want to live in, while much cheaper than a couple of years ago of course (like everywhere else in the US, by the way), have many fewer available foreclosed homes than you would think. Best of luck, but I'd recommend avoiding foreclosures unless you've got the stomach for it. Also, some bright news: Tucson unemployment is lower than in the northwest, where we moved from, and the U of A just landed a really big NASA contract which sounds promising. Anyhoo, we're enjoying Tucson tremendously and yes, a very good time to buy your retirement house here!
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Old 06-29-2011, 12:03 AM
 
Location: Marana, AZ
66 posts, read 146,311 times
Reputation: 109
We recently closed on our foreclosure find. Original price when new in 2007: $235K Foreclosure price: $45K. It only needed paint in two rooms and carpet in the living area (too soiled for my liking). All appliances were in like new condition and the house was very well maintained. The only problem that came up during the process were a ton of liens on the property (which have all been cleared and we did get title insurance) and a title not being assigned to the right division of the bank (also cleared up after a month of waiting). Even if prices fall - I don't see how they could fall much more on the low end when some houses are as cheap as a new SUV. We could have found a bigger house on more land - but then we would have to have a mortgage and I loved the idea of paying cash and not worrying about the economy or my job situation since you can pretty much work anywhere in a minimum wage job and still pay for food, utilities and taxes if those are the only bills you have. We're seeing the cheaper homes get grabbed up within a day or two of being listed - and that's a sign that things are stabilizing at the low end. I'm not sure I can say the same for expensive homes - I think they will continue to fall until the economy gets better.
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Old 06-30-2011, 12:32 AM
 
Location: Tucson, AZ
135 posts, read 340,638 times
Reputation: 169
Default Be smart, not scared.

Quote:
Originally Posted by luvmyelement View Post
Even if prices fall - I don't see how they could fall much more on the low end when some houses are as cheap as a new SUV.
Exactly!! Well done, luvmyelement. Glad to hear you got a smokin' deal.

We bought an REO duplex for a great price. It's in pretty good condition - just needed a new kitchen and bath. But the ROI is fantastic. We're looking to buy another in 9 months or so.

My smart friends are buying up cheap midtown foreclosures, either for themselves or for investment purposes. Rents have nowhere to go but up, IMHO.
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