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Old 11-13-2007, 03:23 PM
 
Location: Tucson
42,831 posts, read 88,234,998 times
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If anybody's interested:

http://www.tucsonrealtors.org/docume...s/stat1007.pdf
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Old 11-14-2007, 01:22 PM
 
Location: SE Arizona - FINALLY! :D
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So sierraAZ, what do you make of it?

Kn
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Old 11-14-2007, 02:39 PM
 
Location: Tucson
42,831 posts, read 88,234,998 times
Reputation: 22814
Quote:
Originally Posted by LordBalfor View Post
So sierraAZ, what do you make of it?

Kn
He-he, who knows what to make out of anything anymore... I do know that a good portion of the inventory is concentrated in particular areas (not the most desirable or in the outskirts). I do know there are a lot of converted condos and I can see they're not selling. On the other hand, I have the feeling that there is some movement in the market. We keep hearing it from realtors last few weeks. Will all due respect, I like to double-check, triple-check, etc. , and I seem to agree on this one to some extend. At least in the zip code I'm observing (85747) because of personal interest, the inventory has been going down. Granted, the prices have been reduced quite a bit (it includes Rita Ranch, aka Foreclosure Ranch). I've been fretting a lot myself because I'm having a new house built, but at this point I'm committed to it unless something absolutely unforeseen happens. There's no doubt the inventory is still quite large (and I'm sure some sellers just gave up and let their listings expire), but I'd imagine quite a few buyers probably sit on the sidelines wondering what to do.

The inventory is up according to this site: HousingTracker.net: Median Home Asking Price & Inventory Data for Tucson, Arizona

and down according to this one... Paper Economy - A Real Estate Bubble Blog (http://www.paperdinero.com/inventory.aspx - broken link)

When I do the count on the MLS on SFR, it seems to be almost the same all the time.

Just today read a very disturbing article in Money magazine, though. They still include Tucson on the list of "extremely overpriced" markets, which is pretty strange considering Vegas, Tampa, most of OC, San Diego, etc. are upgraded to only "overpriced." Of course, this article was written probably at least a month ago. Just like the joke about the cover of Time magazine - as soon as you see something there, the trend is over. They did announce the housing boom just when it was over and if we go by this logic, the cover about the bust has been out for a few months already. I've noticed some hints in the MSM that make me think that there might be plans for restarting the bubble. Three of the previously overpriced markets have been already proclaimed "good investments"... while at the same time I'm reading how people who bought in CA in August at huge discounts (up to 25%) are already losing their shirts, on paper at least. It's true that these examples tend to be from the Inland Empire.

The bottom line is what's in the cards is anybody's guess (short of the FED - they don't guess; they make it happen).
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