TUCSON ARIZONA HOUSING MARKET

Coming Soon! 5br, 4ba, 2783 sq. ft. in Continental Reserve

2010-05-15T07:12:00.001-07:00

8285 N Rocky Brook Dr, Tucson, AZ 85743

5br, 4ba, 2783 sq. ft. 3 car garage, tile roof, built 2003, formal living, formal dining area, breakfast bar, breakfast area, family room, covered patio.

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Coming Soon 4Br, 2 Ba, 2045 sq. ft. Hartman Vistas near I-10/Cortaro

2010-05-15T07:08:00.001-07:00

5582 W Beetle Dr. Tucson, AZ 85742

4br, 2ba, 2045 sq. ft. fireplace built 2004, 3 car garage, tile roof, easy access to I-10

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WOW! HUGE REDUCTION on Cat 10 Luxury Home!

2010-05-07T15:00:00.001-07:00

4421 N Camino Sumo

4br, 4ba, 4 car garage, 3280 sq. ft. 2 fireplaces, granite countertops, formal living room, formal dining room, breakfast room, breakfast bar, family room, butler pantry, built 2001, pool, spa, in gated Catalina Foothills Estates No 10. SUPER DEAL!

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NEW ON THE MARKET!

2010-05-07T14:54:00.001-07:00

7050 E Sunrise Dr. #14106

1br, 1ba, 732 sq. ft. built 1996, recently remodeled, in gated Pinnacle Canyon Condos. Move-in ready!

This is a Fannie Mae HomePath property and can be purchased for as little as 3% down with HomePath Mortgage or HomePath Renovation Mortgage Financing.

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NEW LISTING ON THE MARKET!

2010-05-07T14:52:00.001-07:00

1602 W Circle B Dr, Tucson, AZ 85713

Handyman Heaven! $54,900 3br, 2ba, 1026 sq. ft, built 1955

This is a Fannie Mae HomePath property and can be pruchased for as little as 3% down with HomePath Renovation or HomePath Mortgage Financing.

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Coming Soon!

2010-05-03T18:59:00.001-07:00

4721 W Cholla Bluff Dr, Marana, AZ 85653

4 bedroom, 3 bath, 2537 sq. ft. built 2002, 2 car garage and pool.

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Coming on the Market Soon

2010-05-03T18:45:00.001-07:00

7050 E Sunrise Dr #14106, Tucson, AZ 85750

1st floor condo, 1 bedroom, 1 bath, newly remodeled, in the gated community of Pinnacle Canyon Condominiums

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Coming on the Market Soon

2010-05-03T18:43:00.001-07:00

11779 N Mesquite Hollow Dr, Oro Valley, AZ 85737

3 bedrooms, 3 baths, 2541 sq ft, 3 car garage, and pool.

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MOTIVATED SELLER! Catalina Foothills

2010-05-03T18:39:00.001-07:00

4421 N Camino Sumo, Tucson, AZ 85718

4 Bedroom, 4 Bath, 3280 Sq. Ft. 4 car garage, pool, spa, mountain views and so much more!

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PRICE REDUCTION! Sabino Canyon Home

2010-05-03T18:38:00.001-07:00

3640 E Allwood Pl, Tucson, AZ 85750

4 bedroom, 3 bath, 2798 sq. ft. with pool in Sabino Vista Knolls

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Central Townhouse by Mountain Ave Bike Path to U of A

2010-05-03T18:33:00.001-07:00

Territorial style 2 bedroom, 2 bath, 1057 sq. ft. townhouse in the central area. Community pool just out the back door. Freshly painted with new appliances makes this home a great place to call home. This is a Fannie Mae HomePath property. Purchase this home for as little as 3% down, with HomePath Mortgage or HomePath Renovation Mortgage Financing.

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New on the Market!

2010-05-03T18:16:00.001-07:00

14428 S Placita Asidera, Sahuarita, AZ 85629

6 bedrooms, 3 baths, 3,187 sq. ft. 3 car garage

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Central Condo in Gated Community New on the Market

2010-03-11T14:22:00.001-08:00

$129,900, 2Br, 2Ba, 760 sq. ft. second story unit, Gated Community, with pool, spa, workout room, basketball court and more. Close to U of A bike route, University Medical Center, Shopping, Public Transportation. Qualifies for HomePath financing for as little as 3% down!

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Townhouse Coming Soon on the Market......

2010-03-11T14:16:00.001-08:00

2 Br, 2Ba, Central Tucson Townhouse, close to U of A, University Medical Center, and Shopping!

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Up-Coming Listing

2010-02-20T08:49:00.001-08:00

4 bedroom, 3 bath, 3 car garage, pool, 1.6 acres,This home will be on the market soon......

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New Sabino Canyon Area Listing

2010-02-09T17:43:00.001-08:00

3640 N Allwood Pl, $430,000, 4 bedroom, 3 bath, 2798 sq. ft. .364 acres, built 1976, pool and Mountain views

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Price Reduction on 2910 N Mountain Creek Way

2010-02-09T17:40:00.001-08:00

$188,900, 4 Bedroom, 2 Bath, 1622 sq. ft. Built 2000

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New Townhouse Listing!

2010-02-04T16:29:00.001-08:00

4427 E Glen Creek Place. 4 Bedrooms, 2 Baths, 1452 sq. ft. Charming and well Maintained. MLS #21004234

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Up-Coming Condo Listing

2010-02-03T18:30:00.001-08:00

This Starr Pass condo is 3 bedrooms, 2 baths, 1113 sq. ft. and will be on the market soon, so stay tuned.....

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My office

2010-02-01T07:54:00.001-08:00

Stop by my office for more information on the Tucson Real Estate market.
Long Realty 1890 E River Rd. (River/Campbell)
Sent via BlackBerry by AT&T

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Luxury Living in Catalina Foothills

2010-01-31T11:21:00.000-08:00

4421 N Camino Sumo

4 Bedroom, 4 Bath, 4 Car Garage

3280 sq. ft. Built 2001 1.36 acres

Pool & Spa, City & Mountain Views.

This home has many spectacular features including:

Granite Countertops, Maple Cabinetry,

Breakfast Room & Bar, Formal Dining Room,

Family Room off Kitchen, Neutral Colored Tile & Carpet,

2 Fireplaces, and outdoor firepit, and so much more.....

Up-Coming Listing Tucson Eastside

2010-01-31T10:56:00.001-08:00

1627 sq ft, Built 2003, 2 Car Garage

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Living Smaller: House and Home Special Issue: Home & Design: REALTOR® Magazine

2010-01-26T15:29:00.000-08:00

Living Smaller: House and Home Special Issue: Home & Design: REALTOR® Magazine

2009 Year End Tucson MLS Housing Statistics

2010-01-26T10:28:00.000-08:00

The Tucson Association of Realtors and Multiple listing service just released the 2009 year end Housing Statistics. To see the report in full go to; http://www.tucsonrealtors.org/tar-v2/2009_yearend.pdf

For more information on Tucson's Real Estate Market, contact Julie.

Hot New Westside Listing!

2009-12-07T09:35:00.000-08:00

2910 N Mountain Creek Way, Tucson, Arizona 85745

$199,900 MLS#20934400

This move-in-ready Silver Creek Subdivision contemporary home has many wonderful features:

*Four bedrooms *Two baths *High ceilings *Neutral colored tile *New carpet in bedrooms *Freshly painted walls *New artistic tiled shower in master *Split bedroom floor plan *Large great room *Breakfast bar *Dining area *Lots of storage in the home as well as in the 2 car garage *Beautiful landscaped yard *Tile roof *Mountain views *Priced below December 1, 2009 appraisal

For more information on this home or Tucson real estate, contact Julie Nellis, Long Realty, 520-990-8477 or nellisja@aol.com

November 2009 Tucson Housing Report

2009-12-07T09:06:00.000-08:00

As we get closer to the end of 2009, we can see the positive effects of the tax credit. Home sales volume is up 35.34% over last year. New listings are down 3.16% over last year and down 23.63% over last month. Active listings continue to drop over last year by 20.59% but are up 2.21% over last month.

The extension of the First-Time Home Buyer tax credit should help continue to push the market forward. As you know, Congress has passed new legislation to extend the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers and up to $6,500 credit to current home owners until April 30, 2010. (See below for more information)

Another positive note is mortgage rates are continuing to fall. According to a survey by Freddie Mac, rates decreased to 4.71%, the lowest since the survey began in 1971. This should continue to help home sales.

While the holiday season is typically slower the numbers show a steady pace. We look forward to seeing the year-end statistics and summary next month.

For more information about the current Tucson Real Estate Market, contact Julie Nellis, Long Realty, 520-990-8477 or nellisja@aol.com

New Adoption Center for the Humane Society of Southern Arizona in Tucson

2009-11-30T10:19:00.000-08:00

On November 20th I was honored to share a very special day for the animals of Southern Arizona, the Ribbon Cutting Ceremony of the Humane Society of Southern Arizona Adoption Center at Park Place Mall.

This mall adoption site will be a wonderful alternative to “Puppy-Mill” pet stores that are normally found in shopping malls. It will also give homeless dogs and cats more exposure since many people can’t bring themselves to visit the shelter because they view it as a sad place. The Park Place Adoption Center is a happy place, painted with bright happy colors and fun accessories for the pets and humans. If you are not in need for a new furry family member you can still support the Center by going there to purchase collars, leashes, toys, cleaning products, and other pet related items.

The comfortable Kitty-condo-displays can accommodate 17 cats and kittens and there is a doggie enclosure at the front window for dogs and puppies.

The Humane Society of Southern Arizona has been helping homeless pets since 1936! We are very fortunate to have such a devoted organization giving voice to those that can’t speak.

I am excited about what this new adoption site can do to lessen the number of homeless pets in the Tucson and Southern Arizona community. I hope you will support it too.

Important to know:
Humane Society of Southern Arizona Adoption Center
Park Place Mall
Southeast Corner near Sears
Hours: 10:00-7:00 M, W, Th, Fr
9:00-6:00 Sat
Noon-5:00 Sun
Closed on Tuesday

2009-08-05T08:36:00.000-07:00

POSITIVE SIGN: HOME SALES INVENTORIES FALL TO UNDER 6 MONTHS’ SUPPLY
By Joe Pangburn, Inside Tucson Business
Published on Tuesday, August 04, 2009

In what may be one of the most positive signs yet that the Tucson residential real estate market is poised for recovery, Long Realty Research Center data shows inventories of homes priced under $250,000 have fallen below six months’ worth.

“Months of inventory is the best matrix to look at when you’re trying to see the temperature of a specific area or price point,” said Kevin Kaplan, vice president of marketing and technology. “Obviously it is the lower price points that are bringing in buyers from foreclosures and sellers lowering the asking price on their homes.”

Nevertheless, he said, a healthy and balanced market is considered to have around six months of inventory at a given time. The market as a whole has around 5.7 months of inventory on sale, down from the 8.4 months at this time a year ago, according to Long’s data.

The fastest movers are homes priced under $175,000 where there is 3.6 months of inventory based on June’s sales levels. Homes priced from $175,000 to $249,999 have 5.4 months of inventory.

Above the $300,000 price point, the inventory numbers climb. There’s a 7.5-month supply of homes in the $300,000 to $400,000 range, 11 months supply of homes priced $400,000 to $500,000, a 17.2-month inventory of homes in the $500,000 to $749,999 range; and two years’ supply of homes priced $750,000 to $999,999.

Kaplan said Tucson is experiencing a significant increase in buyer activity, with new properties under contract in June up 57 percent over June 2008.

“We’ve really gotten to a more balanced healthy level with active to sold,” Kaplan said. “Some markets even look a little overheated. It will take another few months to see if there gets to be an equilibrium and prices come up some to curb the high demand.”

The higher demand Kaplan is referring to is mostly centralized in the southwest, southeast and central/east area of the region.

A data analysis of the first half of the year show homes listed in zip codes 85706, 85756, 85710, 85711, 85730, 85741, 85746, 85747 and 85757 have the highest percentage sales to total active listings, according to data from Tucson Association of Realtors.

The top three zip codes with the highest percentage of listings sold are 85757 on the southwest side at 40.2 percent (31 sold of 77 active listings), 85711 in midtown generally between Alvernon Way and Wilmot Road at 36 percent (48 sold of 133 active), and 85746 on the southwest side at 31.2 percent (59 sold of 189 active).
Those same zip codes also have some of the lowest numbers for inventory — just 2.4 months supply in 85757, three months in 85711 and 3.3 months in 85746, according to Long’s data.

Southeast side zip code 85706 also has a low inventory supply of 2.8 months, though percentage of homes (88 of 292 active listings) meant percentage of sales was just over 30 percent.

“That south side of town has had a bit more of a price decline and probably has a higher foreclosure mix,” Kaplan said. “We’ve seen huge increases in sales units there.”

Louis Parrish, associate broker with Keller Williams Tucson Territory Realty, agrees.

“You would probably find that the higher percentage groups are also areas that have had the highest percentage of depreciation, highest rates of foreclosure and highest rates of short sale listings. When those neighborhoods are totally stabilized, the rest of our markets’ current stabilization trends should accelerate.”

For more information on the Tucson Housing Market, call Julie Nellis, Long Realty, 520-990-8477 or visit www.tucsonhouses4you.com

Pending Home Sales Up

2009-08-05T08:32:00.000-07:00

Pending Home Sales up for Fifth Consecutive Month

RISMEDIA, August 5, 2009-Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”

The Pending Home Sales Index in the Northeast rose 0.4% to 81.2 in June and is 5.8% above a year ago. In the Midwest the index increased 0.8% to 89.9 and is 11.6% above June 2008. The index in the South jumped 7.1% to 100.7 in June and is 8.9% higher than a year ago. In the West the index rose 2.9% to 100.4 but is 0.2% below June 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, is hopeful that a recently elevated level of contract cancellations will ease. “Last month, Freddie Mac and Fannie Mae clarified that appraisals should be done by professionals with clear local expertise,” he said. “This should mitigate the situation of many valuations done by out-of-area appraisers coming in below the price negotiated between buyers and sellers. Hopefully, in the months ahead, we’ll see an even closer relationship between contract activity and closed transactions.” McMillan said NAR is continuing to press the appraisal issue. “We have asked Congress and the Federal Housing Finance Agency to immediately implement an 18-month moratorium on the new appraisal rules to further address unintended consequences of the new guidelines,” he said.

NAR’s Housing Affordability Index (HAI) remains very favorable. The affordability index stood at 159.2 in July, down from record peaks in recent months but it remains 36.6 percentage points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

“A monthly rise in home prices and somewhat higher mortgage interest rates led to a modest decline in affordability in June, but it was still the sixth highest index on record dating back to 1970,” Yun said. “Because housing is so affordable in today’s market, job security and the first-time buyer tax credit are bigger factors in influencing home sales.”

A median-income family, earning $60,700, could afford a home costing $289,100 in June with a 20% downpayment, assuming 25% of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80% of what a median-income family can afford. The affordable price was much higher than the median existing single-family home price in June, which was $181,600.

Yun expects existing-home sales to gradually rise over the balance of the year, with conditions varying around the country. “It appears home sales are on a sounder footing and inventory is gradually being absorbed.”

Call Julie Nellis, Long Realty, for more information on the real estate market in Tucson, Arizona, 520-990-8477 or visit www.tucsonhouses4you.com

Lower Appraisals

2009-08-05T08:25:00.000-07:00

Are Tighter Appraisals Hurting Home Sales?

RISMEDIA, June 22, 2009-(MCT)-Less than a week after putting his newly renovated house in Idylwood, Texas, on the market, Derrick DeCristofaro accepted a full-price offer of $242,900 on the 1940 bungalow.

But the appraisal on the 1,780-square-foot home came in at just $206,000. The buyer couldn’t come up with enough cash to make up the difference and DeCristofaro wasn’t willing to drop the price, so the deal fell through.

On top of already sluggish home sales, are appraisals becoming the newest threat to the local housing market?

Real estate experts said sales are collapsing because appraisers are being more conservative and valuing homes for less than what buyers have agreed to pay. Some owners can’t refinance because appraisers say their homes are worth less than they had counted on.

In DeCristofaro’s case, the low appraisal affected the would-be buyer’s ability to get a mortgage for the contracted price.

“Their lender naturally wouldn’t approve that,” DeCristofaro said.

His house is under contract again to a backup buyer, but because of new rules regulating appraisals, and a more conservative lending environment in general, DeCristofaro is worried about the new sale closing as well.

“It’s shocking. If we just pulled a buyer out of thin air, it would be a different story, but we had multiple offers coming in. It seems strange the lenders wouldn’t support that,” said DeCristofaro, an interior designer who is an investor in the home, which has two other owners.

Real estate broker Robert Searcy has seen a number of sales fall through because of low appraisals.

And that has the potential to hurt property values, too, he said.

“The biggest challenge isn’t the economy, or buyers who can’t qualify for loans. It’s appraisers coming in with ridiculously low appraisals,” said Searcy, who is listing DeCristofaro’s house.

Part of what’s at issue is a new rule that went into effect May 1 prohibiting loan officers, mortgage brokers and real estate agents from selecting appraisers.

New rules for lenders

The rule falls under the new Home Valuation Code of Conduct, the result of an agreement between Freddie Mac, Fannie Mae, the Federal Housing Finance Agency and the New York state attorney general to enhance the independence and accuracy of the appraisal process. It applies to lenders that sell single-family mortgage loans to the government-sponsored enterprises.

The rule was meant to prevent inflated appraisals like those that proliferated during the housing boom.

Houston appraiser Chris Catechis said there were a couple of times in recent years when he felt pressure from mortgage brokers to “hit a value” on a property. If it didn’t, they threatened to take their business elsewhere, which is what he said he advised them to do.While the appraiser, a partner in Catechis, Campbell & Associates, understands why the new rules were implemented, it has cost him business.

Lenders are now using more appraisal management companies when they select appraisers. These companies often charge a fee to the lender and pay an outside appraiser like Catechis a portion of that fee.

Unfamiliar with the area

One of the unintended consequences of this system, however, is the chance that a management company will hire an appraiser who isn’t familiar with the neighborhood where the house is being evaluated, said Catechis.

“When you have appraisers coming from different parts of town and not knowing areas, they aren’t doing justice to the people that are trying to refinance or sell,” Catechis said. “It really skews the whole appraisal process.”

The appraisal business, in general, has become more difficult in today’s residential real estate market because there are fewer sales — many of which are foreclosures.

Some OK with caution

Catechis said he’s now often required to get two comparable sales that took place within the past 90 days. If there are none, he’ll have to look at similar subdivisions nearby.“There’s a lot more detail involved in an appraisal for a lesser price,” he said.

Not everyone is as concerned about appraisers taking a more cautious tack.
David Zugheri, of Envoy Mortgage in Houston, said he hasn’t seen a high percentage of homes for sale not appraising.

While the industry is more conservative, “if the value is less than the sales price there’s a strong case that the value really is less than the sales price,” he said.

For more information on what your home's value is in today's market, call Julie Nellis, Long Realty, 520-990-8377 today, or visit www.tucsonhouses4you.com

Change in Law Limiting Protection of the Arizona Anti-Deficiency Statute

2009-07-17T07:17:00.000-07:00

If you are considering letting your property go to foreclosure, read on to learn about the new law that can affect your pocket book. On July 10, 2009, the Governor of Arizona signed into law (effective September 30, 2009) a significant amendment to Arizona's anti-deficiency statutes. This new law decreases the protection to Arizona homeowners after they lose their home to foreclosure. The anti-deficiency statutes had not been amended since 1990.

The Arizona anti-deficiency statutes (primarily A.R.S. §33-814(G)) generally protect most homeowners from being sued after foreclosure by their lender for any unpaid balance of the loan, i.e., deficiency, if the home was "utilized" as a "dwelling." The Arizona courts have ruled that even vacation homes rented out by investors for only a few weeks of the year were being "utilized" as a "dwelling."

The new law states that homes must be utilized as a dwelling "by the trustor [borrower] under the deed of trust for at least six consecutive months...." (Emphasis added.) Therefore, occupancy of the home for at least six consecutive months prior to the foreclosure is now required.

You may want to consider other alternatives than foreclosure, such as short sale or loan modification.

For more information about Tucson's Foreclosures contact Julie Nellis, Long Realty, 520-990-8477, email nellisja@aol.com website www.tucsonhouses4you.com

Buying a Short Sale in Tucson, Arizona

2009-07-09T13:56:00.000-07:00

BUYING A SHORT SALE

Are you looking to buy a new home? Are you thinking that now’s a great time to find bargains? Well, it is a great time to buy but before you make an offer on a home you need to know more about the seller’s situation.

If a home is being sold for below what the current seller owes on the property, and the seller does not have other funds to make up the difference at closing, the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

YOU ARE A GOOD CANDIDATE FOR A SHORT-SALE PURCHASE IF:
· YOU’RE VERY PATIENT. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months (longer with Bank of American and Chase). If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.
· YOUR FINANCING IS IN ORDER. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you’re preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.
· YOU DON’T HAVE ANY CONTINGENCIES. If you have a home to sell before you can close on the purchase of the short-sale property, or you need to be in your new home by a certain time, a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

IF YOU’RE SERIOUS ABOUT PURCHASING A SHORT-SALE PROPERTY, IT’S IMPORTANT FOR YOU TO HAVE A QUALIFIED REAL ESTATE PROFESSIONAL.
· You may have a close friend or relative in real estate, but if that person doesn’t know anything about short sales, working with him or her may hurt your chances of a successful closing. Interview a few practitioners and ask them how many short-sales they have done and, of those, how many have successfully closed. A qualified real estate profession will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communication.
· A good real estate professional will have a pre-lim title search done to see all the liens attached to the property. If there are multiple lien holders, it’s much tougher to get the short sale contract to the closing table. Any of the lien holders could put a kink in the process even after you’ve waited for months for lender approval.

SOME OF THE OTHER RISKS FACED BY BUYERS OF SHORT-SALE PROPERTIES INCLUDE:
· POTENTIAL FOR REJECTION. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counteroffer.
· BAD TERMS. Even when a lender approves a short-sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short-sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.
· NO REPAIRS OR REPAIR CREDITS. You will most likely be asked to take the property “As Is”. Lenders are already taking a loss on the property and may not agree to requests for repair credits.

The risks of a short sale are considerable. But if you have the time, patience, and iron will to see it through, a short sale can be a win-win for you and the sellers.

For more information or assistance with buying or selling short sales in the Tucson, Arizona area, contact Julie Nellis, Long Realty, 520-990-8477 or nellisja@aol.com

www.tucsonhouses4you.com

info from National Association of Realtors

Buy Now Or Wait? Home Buyer Tax Credit

2009-02-05T08:19:00.000-08:00

Buy Now or Wait?
The $7,500 First-Time Home Buyer Tax Credit¹
for homes purchased April 9, 2008 - June 30, 2009

What is the First-Time Home Buyer Tax Credit?
The Tax Credit is part of the Housing and Economic Recovery Act of 2008, signed into
law on July 30, 2008. The intent of the tax credit is two fold:
• To provide a financial resource for home buyers in the year that they purchase a home
• To provide a stimulus to the housing market and the economy, helping to stabilize home
prices and increase home sales

The law provides a tax credit equal to ten percent of the qualified home
purchase price. The credit is capped at $7,500.
The credit is essentially an interest-free loan. Home buyers are required to repay the
credit to the government, without interest, over 15 years in equal installments or when
they sell the house.

Who is Eligible?²
• First-time home buyers, defined as a buyer who has not owned a principal
residence in the previous three years
• U.S. citizens who file tax returns
• Eligible properties include any single family home that will be used as a principal
residence (including condos and co-ops).
• To qualify, buyers must close on the sale of the home between April 9, 2008 and
June 30, 2009.

Income Limits
• The full $7,500 credit is available for individuals with modified adjusted gross
income (per IRS definition) of no more than $75,000 ($150,000 for couples filing jointly).
• A partial credit is available for individuals with modified adjusted gross income between
$75,000 and $95,000 (between $150,000 and $170,000 for couples filing jointly).

Is the Tax Credit “Refundable?”
• Yes. The credit reduces the income tax liability for the year of purchase.
• The credit can be claimed even if the taxpayer has little or no federal income tax
liability to offset. Typically this involves the government sending the taxpayer a check
for a portion or even all of the amount of the refundable tax credit.

Payback Provisions
• Home buyers claiming a $7,500 credit would repay the credit at $500 per year via
their tax returns. They do not have to begin repayments until two years after the credit
was claimed.
• If the home owner sells the home, the remaining credit would be due from the
profit of the home sale.
• If there is insufficient profit from the sale, the remaining credit payback would be forgiven.

Contact Julie Nellis, Long Realty, to assist you with your Tucson Real Estate needs. www.tucsonhouses4you.com or 520-918-3843

World's Safest Banks

2009-02-05T08:10:00.000-08:00

Global Finance Names The World’s Safest Banks
New York, 4 September 2008-

Global Finance magazine has released its annual ranking of the
World’s Safest Banks, which will be featured in the special October issue alongside several of the magazine’s renowned Best Bank awards.

The World’s Safest Banks were selected through a comparison of the long-term credit ratings and total assets of the 300 largest banks around the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used.

This is the 16th year that Global Finance has published its list of the world’s largest banks ranked by their creditworthiness. The 10 banks at the top of the list are designated as the “World’s Safest Banks”.

These banks will be honored at an awards ceremony to be held in Washington D.C. on October 13th to coincide with the World Bank/IMF annual meeting.

“These banks have demonstrated an appropriately prudent approach to risk in
providing international financial services,” says Global Finance publisher, Joseph D. Giarraputo. “More than ever customers are viewing strong
credit quality as an important feature of the banks with which they do business.”

WORLD’S SAFEST BANKS
Groupe Caisse des Dépôts (CDC) France
Bank Nederlandse Gemeenten (BNG) Netherlands
Landwirtschaftliche Rentenbank Germany
Rabobank Netherlands
Landeskreditbank Baden-Wuerttemberg-Förderbank Germany
Lloyds TSB United Kingdom
BNP Paribas France
Dexia Belgium
NRW Bank Germany
WELLS FARGO (Long Mortgage loans funded & Backed by Wells Fargo) UNITED STATES

Contact Julie Nellis, Long Realty, for your Tucson area real estate needs. www.tucsonhouses4you.com or 520-918-3843

Searching for homes on the Internet

2009-01-28T10:59:00.000-08:00

This is an article with sound advice for internet home searching. I hope you find it helpful. Julie

5 top blunders of Internet home buying
Here's some advice to help you avoid the common pitfalls of online real-estate searching.
By U.S. News & World Report

While the painful real-estate swoon appears likely to extend well into 2009 — at least — the number of Americans using the Internet to find the home of their dreams is poised to keep on climbing.

According to the 2008 National Association of Realtors Profile of Home Buyers and Sellers, 87% of homebuyers used the Internet to search for homes last year. That's up steadily from 84% in 2007 and 80% in 2006.

But despite its mounting popularity, the Internet home-buying process can present a host of pitfalls. To help make your online real-estate searching more effective, here's a look at the top five Internet home-buying blunders and what you can do to avoid them.

1. Assuming you can do it all yourself
The Internet allows users to handle for themselves many of the tasks that could once only be performed by real-estate agents. The NAR profile, for example, found that the number of homebuyers who first learned of their homes on the Internet has been rising in recent years, to 32% in 2008, up from a tiny 2% in 1997. Accordingly, the number of homebuyers who first learned of their homes through agents has been declining, to 34% in 2008, down from 50% in 1997.

But although the Internet can provide heaps of helpful tips and research, it would be a mistake to assume that the Web is all you need to buy a house — unless you are an experienced real-estate investor. Purchasing real estate can be extremely complicated from a legal standpoint, and it's easy to make a mistake if you don't have an expert advising you. And when it comes to something as expensive as real estate, those mistakes could cost you thousands of dollars.

"Doing all the paperwork yourself is a huge mistake," says Joshua Dorkin, chief executive officer of BiggerPockets.com, a real-estate networking and information site. "There are so many things you can miss on a contract."

2. Looking too narrowly
The sheer amount of information about the real-estate market online can be overwhelming. As a result, buyers can be tempted to stick to just one or two popular real-estate search engines, such as Realtor.com, for their research. The problem with doing that, however, is that you're missing out on the biggest advantages that the Internet offers. [Realtor.com is a partner of MSN Real Estate.]

First, you're closing yourself off to a smaller cross section of the homes that are out there. "A lot of the sites aren't comprehensive and don't have all of the new listings," says Pat Kitano, a co-founder of Domus Consulting Group, which works with real-estate brokerage firms on technology marketing strategies.

Don't assume that because a house is on one real-estate Web site, it is on all of them, says Greg Healy, vice president of operations at ForSaleByOwner.com. "It's still very fragmented," he says. Healy recommends using several Web sites to get a more complete picture.

Second, you miss all the breaking, up-to-the-minute information on the housing market that can make you a smarter consumer. Blogs have become a popular resource for real-estate agents and others to post information as it happens. "If consumers are interested in a local area, they should find local real-estate bloggers who know this breaking information," Kitano says.

3. Ignoring the independents
One area that major real-estate search engines often overlook is the market for homes sold by the owners. "A lot of people forget to think how many homes are sold without agents," Healy says. The current estimate is that 20% to 25% of homes are listed by owner, he says.

Your dream house could easily fall into that 20% to 25%. So how do you bring homes sold independently into your online searches? "Craigslist is one of the best resources," Dorkin says.

4. Falling for fake listings
Remember, the Internet is a giant playground for scammers, and unfortunately they have penetrated the world of online home buying as well. Combine big dollars for online advertising and a lot of people searching for homes, and the result is a proliferation of fake home listings. There are a number of red flags to look out for.

"If there are no photos [of the house], that's a big warning sign. That's just people trying to collect page views," Healy says.

But even if the listing has photos, it's not guaranteed to be legitimate. Legitimate Web sites will put watermarks on their home photos to brand those photos as their own. If a home's photos have several different watermarks on it, then you can guess you are looking at the work of a scammer.

5. Putting too much stock in home-valuation Web sites
Sites such as Zillow.com and Cyberhomes.com have changed the way people buy homes by putting pricing information at buyers' fingertips. But they're not infallible.

Don't assume to know what the value of a home should be based on what these sites tell you about the neighborhood. There are many elements of a home's value that home-valuation sites cannot incorporate.

"Take their values with a grain of salt," Dorkin says. He recommends using this information merely as a range. Conduct other research to narrow that range. For example, walkscore.com can tell you the number of amenities within walking distance of a location — those are some of the factors that can raise or lower the value of a home.

By Matthew Bandyk, U.S. News & World Report

If you are seriously looking for the home of your dreams, call Julie Nellis, Long Realty, 520-918-3843 to end your search!

It Is a Great Time to Buy Tucson Real Estate

2009-01-28T10:30:00.000-08:00

Out of the 8,541 current active residential listings, 333 of them are Short Sales and 87 are Bank Owned or Foreclosure.

If you are interested in looking for a great buy, now is the time to buy Tucson real estate! Interest rates are at all time lows and the average sale price is down.

The Tucson MLS statistics for December 2008 shows the average sale price at $200,000.

In March 2006, when the average sales price in MLS was $281,000 and interest rates were 6.25% the monthly PI payment on a $281,000 loan would have been $1,730. Today with the average sales price of $200,000 and rates at 4.75% the monthly PI payment on $200,000 is $1,043. That's $687, a 40% difference!

As you can see......IT IS A GREAT TIME TO BUY REAL ESTATE IN TUCSON!

Call Julie Nellis with Long Realty, 520-918-3843 today to purchase your piece of sunny Tucson.

2009-01-28T10:08:00.001-08:00

This is a great article, by Barry Habib, that I wanted to share with you that may help you to understand the current market situation and why we are there.

The ‘Mark to Market’ Accounting Rule:
What it is and why it is important to you now!
Barry Habib
Chairman of the Board, Mortgage Success Source

The financial crisis we are in today was not caused by mortgages or housing, although they were both catalysts. The real reason was an accounting rule called "Mark to Market" (also known as FASB 157).

Few people have a strong grasp of this rule, and even those who do have a tough time explaining it on air due to time restrictions. So let’s take a few minutes to break it down, so you can have the inside track on this very important concept and understand why it represents some great opportunities.

Why does ‘Mark to Market’ exist?
Let’s go back to the stock market crash, which occurred between 2000 and 2002. With the S&P down 49% and the NASDAQ down 71%, many people lost much of their life savings and they were very angry.

Companies like Enron and Arthur Andersen were able to find ways to make their books looks more attractive, which was reflected in an artificially inflated stock price.

Both the public and Congress had a call for more transparency in business and hastened the passage of “Mark to Market” accounting.

This is the notion that all assets should be valued as if they were sold on a daily basis. Under the letter of the law, failure to do this conservatively can now result in jail time.

So what’s the problem?
Before we get into what this means for banks, let me make a quick analogy using a scenario that should make perfect sense to you and your clients.

Let’s imagine that you own a house in a neighborhood where all of the houses are priced at around $300,000. Unfortunately, your neighbor, who owns his home free and clear, falls ill and needs emergency cash quickly. Because he is under duress, he must sell the home for $200,000 in order to get the cash he needs right away, even though the home is worth considerably more.

Now would this mean that your home is now worth the same $200,000 that your neighbor sold his for? Of course not, because you are not forced to sell under duress. It just means that your new neighbor got a great deal.

However, if you were a publicly traded company and had to abide by Mark to Market account rules, you and the rest of your neighbors would now have to say, by law, that your home was worth only $200,000 – not the $300,000 you would get for it if you actually sold. So what's the big deal? Read on.

So how does this principle apply to banks?
Let's say we decide to start a bank . . . call it XYZ Bank. We raise $2 Million to open our doors. Remember that our capital account is $2 Million. Banks make money by taking in deposits and paying low rates of interest to those depositors (maybe throw in a toaster too). We then take that money and make loans with it at higher rates. We keep the difference.

So, we turn that money into $30 Million worth of loans. This puts our ratio of loans to capital (our Capital Ratio) at 15:1 ($15 Million in Loans to $1 Million in Capital). This level is acceptable, as long as we can shoulder some losses and recover.

Because we are very conservative here at XYZ Bank, the loans we make require a minimum down payment of 30%, a credit score of 800 or better (that’s nearly an 850 which is perfect), proof of income and assets, a reserve of at least two years of mortgage payments (normal is two months) and income requirements that only allow 10% of monthly income to cover all expenses (normal is 40%).

We do this and our loans perform perfectly. We make lots of money. Nobody is paying late and our clients are sending us holiday cards. They love us . . . it's a party. You and I are celebrating as we see our stock price soar.

But real estate values decline and, even though all of our loans are paying perfectly, we must re-assess the loan portfolio to account for the decline in real estate values, which leaves us with less of an equity cushion. We had a minimum 30% down payment, which means the loans were 70% of the value of our assets – until we account for the decline in the market. Now, our position goes from 70% to 90%. That's riskier and, therefore, worth less than when our loans had a 70% safety position.

Our accountants tell us that we must “Mark to Market” or risk jail. They say our value is now reduced by $1 Million. Whoa!

We must take (or write down) this loss against our capital account. It is a paper loss - we don't write a check, we have no late payers, no defaults, no bad business decisions. Still, we must reflect this $1 Million paper loss in our Capital Account, which drops from a $2 Million to $1 Million in value.

Here’s where things get problematic.
At this level, with $30 Million in loans outstanding, we now have a capital ratio of 30:1. At this level of leverage, alarms begin to sound.

Our ratios are out of the safe zone; we could go under with just a few losses, deposits are in jeopardy. Hello FDIC examiner, we are on the watch list, the Securities and Exchange Commission (SEC) is asking questions and our stock starts to tumble. The business networks are showing coverage of our now troubled bank. We are in big trouble.

The problem, we are "over leveraged". The solution? We have to “de-lever” . . . and do so quickly. But there are only two ways to do that, and one of them isn’t really an option.

The first way is to raise capital, but that’s not going to happen when our ratios are out of whack and we are in serious trouble as well as on the FDIC watch list. It is unlikely that anyone will be willing to invest cash in XYZ Bank.

The other option is that we can sell assets, like the outstanding loans, which are increasing our capital ratio. Like your neighbor, who owned his home outright but needed cash for medical bills, we are now under duress. The paper we are holding has a lot of value, but we have to sell it quickly and, because of that, cheaply. So, we offload the loans at a loss, which exacerbates the problem because those losses further reduce our capital account.

Very quickly, like a flushing toilet, things start to spiral – we are going down.

The problem multiplies
The problem doesn’t stop there. The fire sale we just had on our loans makes things worse – even for the banks that bought them up and thought they were getting a great deal.
Under Mark to Market, the loans we just sold must be included in the comparables that other financial institutions use to value their assets. This is how the problem spread and got so bad so fast. Other good institutions, with good loans, have to mark down. Just like us, they become over-leveraged. It’s a chain reaction, all triggered by a well intentioned, but over-reaching accounting rule.

Financial institutions fold, sell, or freeze. Credit - the life blood of our economy - is cut off at the source. Because of a lack of available credit, home sales and refinances crawl, auto sales drop and jobs are lost. Additionally, the economy enters a recession.

During the last recession in 2001, the economy recovered relatively quickly thanks to $3 Trillion worth of home equity withdrawals. But, more restrictive programs, a lack of available credit, and lower home values will make it difficult for us to use home equity to help pull us out of a recession this time around.

Fixing the problem
The Federal Reserve has passed a rescue plan, which, over time, will provide some level of help. Some banks will get money to infuse into their capital accounts. Others can sell some assets to the government in an effort to “de-lever”.

But, the big thing that is not talked about, not well understood, is the part of the rescue plan that traces this financial crisis back to the source.

The US Congress has given the SEC its blessing to modify “Mark to Market” accounting. And by January 2, SEC Chairman, Chris Cox has to get back to Congress with ideas, if any, on how to fix Mark to Market accounting.

It won't be eliminated, as we will not want to go back to the Enron days. But he is likely to adjust the Mark to Market provisions.

Here’s one potential solution - even rental or commercial real estate properties can be valued two ways:
1. The comparable sales method, which determines the value based on what other assets have sold for, which is the way Mark to Market work currently.
2. A cash flow method, which values the property based upon cash coming in.

If we see Mark to Market modified to use cash flow to value assets, without requiring a large percentage discounting mechanism - wow! What a shot in the arm that would be. We’d likely see the stock market rally, with financial stocks leading the uphill charge.

Consider that, in today’s market, fund managers are holding 27% of their assets in cash, compared with just 3% they held in cash when the stock market peaked in October of 2007. That means there is a lot of money on the sidelines that can push stock prices higher. Additionally, think about the redemptions from hedge funds that eventually need to be put back to work. That’s another reason to be optimistic about stocks in the first quarter of 2009 – provided that Chairman
Cox modifies Mark to Market accounting in a meaningful way. And a good stock market helps individuals feel better about purchasing homes. Additionally, stronger balance sheets for financial institutions will allow them to lend more money.

The bottom line
With some potentially very good news around the corner, there might be reason for optimism as we head into 2009.

December 2008 Tucson Market Report

2009-01-24T10:05:00.000-08:00

"AFFORDABLE" IS RETURNING TO THE TUCSON HOUSING
MARKET....according to the Tucson Association of Realtors Multiple Listing
December 2008 Statistical Report. In comparing December 2008 stats with the
past data we find: * The Median Sales Price of $167,900 is the lowest Median
since August 2004; *The December Average Sales Price of $200,055
is the lowest Average since February 2004; *The December 31, 2008 Listing
Inventory Count of 7,627 was the lowest since March 2006; *The December 2008 New Listings entering the market were the least since February 2005.

Arizona's foreclosures slowed in November and December as we saw Fannie Mae and Freddie Mac suspend foreclosure proceedings and evictions from single family homes. This suspension has been extended through the end of January to allow homeowners facing foreclosure to stay in their homes as they work with mortgage servicers under the Streamlined Modification Program. I have been assisting Fannie Mae also in developing a Short Sale "preapproval" program focused on those listings that may qualify for a short sale. This program is initially being tested in Phoenix and Orlando, where the foreclosure threat is much worse than Tucson. Many are predicting that Tucson's real estate market will show improvement in 2009!!

Home Sales Volume: Declined 19.93% from $193,643,336 in Dec. '07 to $155,042,902 in Dec. '08

Home Sales Units: Increased 2.92% from 753 in Dec. '07 to 775 in Dec. '08.

Average Sales Price (all res. types):
Decreased 22.21% from $257,162 in Dec. '07 to $200,055 in Dec.. '08

Median Sales Price (price at which half the homes were sold above and half below):
Decreased 20.05% from $210,000 in Dec. '07 to $167,900 in Dec. '08

Pending Contracts (New Sales Opening Escrow in Month):
Decreased 23.40% from 799 Units in Dec. '07 to 612 Units in Dec. '08

Active Listing Inventory:
Declined 12.41% from 8,708 in Dec. '07 to7,627 in Dec. '08

New Listings: Declined 5.6% from 1,590 in Dec. '07 to 1,501 in Dec. '08

Home Buyer Tax Credit

2009-01-24T10:00:00.000-08:00

Home Buyer Tax Credit: How It Works?
By Dale Martin

CAMDEN AND ROCKLAND (Dec 29): First-time homebuyers in 2008 can take an income-tax credit on their purchase, thanks to passage in Congress earlier this year of the first-time home buyer tax credit.

The definition of first-time homebuyer is generous. To get the credit, the homebuyer cannot have owned a home in the previous three years. The home must be a principal residence and purchased between April 9, 2008 and July 1, 2009.

The credit is equal to 10 percent of the purchase price, up to $7,500. Single taxpayers with modified adjusted gross income up to $75,000 and couples with MAGI up to $150,000 will qualify for full credit. Singles with MAGI up to $95,000 and couples with MAGI up to $170,000 will get a reduced amount. Those with higher incomes don’t qualify.

If the amount of tax a homebuyer owes is less than the amount of the credit, they get to keep the difference in the form of an IRS refund.

The homebuyer must begin to repay the credit in two years in increments of about $500 a year over a 15-year period for those who received the full credit

Homebuyers who sell their home before the credit is repaid must pay off the loan with any profits. If they sell the home at a loss, the loan is forgiven.

[Editor's Note: The credit is set to expire in mid-2009, although industry groups, including the NATIONAL ASSOCIATION OF REALTORS®, are encouraging Congress to extend it. NAR is also encouraging Congress to make the credit available to all buyers and to eliminate the repayment requirement. More detail on how the credit works is available from NAR on REALTOR.org.]

Source: Chicago Tribune, Mary Umberger (12/28/2008)

November 2008 Market Report

2008-12-13T06:57:00.000-08:00

TUCSON HOUSING MARKET, according to the Tucson Association of
Realtors Multiple Listing Service Statistical Report for November 2008.
The Active Listing invetory of 7,996 units remains much lower than the
9,234 units in Nov. 2007 and the New Listings coming on the market
continues the downward trend.

November's Median Sales Price of $178,000 is the lowest Median for any month since January
2005, when it was $177,000. Of course, this is good news for homebuyers and for the affordability issues which have plagued Tucson in the past. As of the end of November there were 4,429 residential homes on the market below $250,000. In quoting a local lender, "A buyer, buying a $200,000 home, with 3.5% down payment, using a 30 year, 6% fixed rate FHA loan could have a principal & interest payment of $1157". A first time homebuyer, or someone who hasn't owned in 3 years could also qualify for the $7500 Federal Tax Credit. "More Buyers are the answer for improving our Tucson real estate market".

Home Sales Volume: Declined 36.56% from $216,102,902 in Nov. '07 to $137,104,43 in Nov. '08

Home Sales Units Closed: Decreased 21.60% from 810 in Nov. '07 to 635 in Nov. '08

Average Sales Price (all res. types): Decreased 19.07% from $266,794 in Nov, '07 to
$215,913 in Nov. '08

Median Sales Price (price at which half the homes were sold above and half below):
Decreased 16.04% from $212,000 in Nov. '07 to $178,000 in Nov. '08

Average Days on Market for Month: Days on Market for Nov. '08 were 76 days

Pending Contracts (New Sales Opening Escrow in Month): Decreased 25.60% from
910 Units in Nov. '07 to 677 Units in Nov. '08

Active Listing Inventory: Declined 13.41% from 9,234 in Nov. '07 to
7,996 in Nov. '08

New Listings: Declined 27.38% from 2,224 in Nov. '07 to 1,615 in Nov. '08

October 2008 Housing Report

2008-11-20T12:48:00.000-08:00

THE TUCSON REAL ESTATE MARKET OFFERS MORE AFFORDABLE
HOMES..... as the Tucson Association of Realtors Multiple Listing Service
Statistical Digest shows the October 2008 Median Sales Price at $180,500 and
the Average Sales Price at $226,435. This decline could indicate an increase in
the number of "short sales" and foreclosed properties finally closing after a
lengthy escrow period. The increase in buyer traffic experienced in the past
few months subsided somewhat in October with the concerns around the
economy and equity markets. It is gernerally believed that the buyer traffic
will return soon, as buyers realize the improvement in home affordability in
the marketplace, coupled with low interest rates and a sense that pricing has
bottomed out.

Homes Sales Volume:
Declined 18,78% from $229,448,467 in October 2007 to $186,356,108 in October 2008.

Homes Sales Units:
Decreased 6.9% from 884 in October 2007 to 823 in October 2008.

Average Sales Price: (residential)
Decreased 12.76% from $259,557 in October 2007 to $22;6,435 in October 2008.

Median Sales Price:
Decreased 14.29% from $210,000 in October 2007 to $$180,500 in October 2008.

Average Days on Market:
Days on Market for October 2008 was 78 days.

Pending Sales:
Decreased 23.97% from 993 units in October 2007 to 755 units in October 2008.

There have been more stringent lending standards in most home loan programs, however, the
FHA Loan is readily available, and has become the "most applied for" mortgage, with a required 3% or less down payment, and somewhat less critical qualifying. Buyers with a strong Realtor, experienced in searching the MLS data, and familiar with the home loans offered by local lenders, will surely benefit.

For more on Tucson's Real Estate Market, contact Julie Nellis, Long Realty, 520-990-8477, nellisja@aol.com or http://www.tucsonhouses4you.com/

If you or someone you know is interested in buying or selling Tucson Real Estate, Call Julie today!

Tucson Water Changes

2008-10-16T17:08:00.000-07:00

Graywater
On Tuesday, September 23, 2008 the Tucson City Council formally adopted the Graywater Ordinance mandating all new housing construction starting June 1, 2010 to be pre-plumbed with graywater systems. Graywater is to be used to irrigate landscaping and is wastewater that comes from bathroom sinks, laundry sinks, showers and tubs. Tucson Association of REALTORS® was an active stakeholder working on this ordinance. Although the house will come plumbed for graywater it will still be up to the home owner to connect plumbing to a system within the home.

Commercial Rainwater Harvesting
On Tuesday, October 14, 2008 the Tucson City Council formally adopted the Rainwater Harvesting Ordinance that has been developed over the past nine months. The TAR Public Affairs Committee approved the support of the ordinance that will require 50% of the annual irrigation needs of a commercial project be obtained by water harvesting means, which may include cisterns, burming, earthworks and other harvesting techniques. This is a much more palatable ordinance considering that initially the percentage was 100%.

Call Julie Nellis, Long Realty, for all your real estate needs. 520-918-3843, nellisja@aol.com

September 2008 Tucson Housing Report

2008-10-16T08:18:00.000-07:00

SEPTEMBER OF 2008 HAS SET A RECORD INCREASE IN SALES OVER AUGUST SINCE 1996!

Historically September is a slower month than August which has been the case since 1996. This year there was an increase in sales by 3.43% over August which affirms that the Tucson market is continuing to stabilize.

Now is a good time to buy a home.
- Conditions are ideal for buyers. Prices have moderated, and interest rates are hovering near 40-year lows.
- Current market conditions won't last long. NAR research shows that prices are beginning to stabilize and interest rates are creeping up. A modest increase in property values is expected in 2009.
- The new first-time homebuyer tax credit and the availability of a number of attractive and safe mortgage products provide additional reasons for buyers to get off the fence and into the market.

The market is strong and getting stronger.
- The new homebuyer tax credit contained in the new Housing and Economic Recovery Act of 2008 likely will bring about 2.5
million first-time buyers into the market between now and the middle of next year.
- The Emergency Economic Stability Act enacted on October 3, 2008 will help to improve credit markets, and NAR predicts that as a result home prices will pick up in 2009.
- Home ownership continues to be a wise investment. FHA market share is expected to triple over the next three years, from an estimated 4 percent in 2007 to 12 percent in 2009

Contact Julie Nellis for more information on Tucson's Real Estate Market. 520-918-3843 or visit my website at www.tucsonhouses4you.com

Protect Our Homes! Vote YES on Prop 100

2008-09-21T09:48:00.000-07:00

The up coming election has us all focused on the Presidential election but there is something else that you should give your attention to as a homeowner.

This coming November you are going to be asked to vote on proposition 100. This proposition 100 would amend the Arizona Constitution to prohibit the state or any county, city, town or other political subdivision of the state from directly or indirectly imposing any new tax, fee or other assessments on the sale, purchase, transfer or other conveyance of any interest in real property (such as homes and other real estate). This proposed measure would not affect any tax, fee or other assessment in existence prior to this year.

This real estate sales or transfer tax is unfair to Arizonans since home and property owners already pay annual property taxes. An additional tax levied at the time people buy, sell or even transfer ownership of their home would be double taxation.

Voting Yes on Prop 100 will provide protection from Real Estate Transfer Taxes and prevent:

* Double Taxation-Governments already collect taxes on your property based on the property's value. This new tax would unfairly impose a second tax to impact our home or property value.

* Loss Of Equity- Since the tax is assessed against the total value including the amount you owe on your mortgage(s), the overall equity earned by the seller is decreased.

* Damage to the Real Estate Market- In an already burdened housing market where people are struggling to sell their homes, the overall higher costs will only make it more difficult to initiate a successful sale, not to mention making it less attractive for commercial real estate to recruit business to the area.

* Punishment of Homeowners- People who move from one house to another should not be punished while others choose not to move; in fact, this is considered discriminatory and harms access to the "American Dream" of home ownership.

* A Negative Impact on Lower-Income Arizonans- A real estate transfer tax would impose a higher tax burden on lower income households that typically spend a larger percentage of their income on their home.

This is an example of voting "Yes" to mean "No". Voting YES on Proposition 100 will protect your home and you from double taxation!

www.protectourhomes.com

FYI-Just a few community leaders (that you may know and respect) that promote voting YES for Proposition 100:
Eddie Basha
Rose Moford, Former Governor of Arizona
Tom Chilton, President of Arizona Cattle Growers
John Nelson, State Representative
Jim Waring, State Senator
Ken Cheuvront, State Senator
Barbara Leff, State Senator
Donald Owens, Former Adjutant General for Arizona National Guard
John Munger, Munger Chadwick, P.L.C.
Brett Jones, Arizona Contractors Association
Glenn Hamer, Arizona Chamber of Commerce and Industry
Kevin Rogers, Arizona Farm Bureau
Chad Kirkpatrick, Americans for Prosperity
Barney Brenner
Craig Sanford, Protect Our Homes

If you are thinking of buying or selling real estate in the Tucson area, call Julie Nellis with Long Realty, for assistance. 520-918-3843 or www.tucsonhouses4you.com

August 2008 Tucson Housing Market Report

2008-09-20T12:43:00.000-07:00

THE TUCSON REAL ESTATE MARKET OFFERS THE SMALLEST
INVENTORY OF RESIDENTIAL PROPERTIES SINCE MARCH OF 2006..
according to the Tucson Association of Realtors Multiple Listing Service
Monthly Statistical Digest for August 2008. One of the first signs that a real
estate market is improving is a decline in the listing supply. It appears the
decline in the August '08 listing suppply for Tucson is being caused by more
acceptable contracts opening escrow, fewer homes coming new to the
inventory, as well as many Sellers removing their homes from the market
when the reality of the pricing in the current market does not match their
expectations. The trend to a declining inventory has been consistent each
month this year.

The decline in the Median Sales Price could be being caused by a high concentration of closings occuring after or under the threat of foreclosure. This is very neighborhood cerntric, thus having a strong Realtor who is skilled in mining the MLS data for a particular neighborhood, should be the requirement of every buyer and seller. Many believe the decline in Median Sales Price is a "good thing", as it allows our marketplace to become more affordable, thus incresing the buyer opportunities, and we all know that "more Buyers are the answer for improving our Tucson real estate market".

Home Sales Volume:
Declined 27.97% from $299,005,952 in August 2007 to $215,369,442 in August 2008.

Home Sales Units:
Decreased 17.31% from 1,092 in August 2007 to 903 in August 2008.

Average Sales Price (all residential types)
Decreased 12.90% from $273,815 in August 2007 to $238,504 in August 2008.

Median Sales Price (the price at which half the homes were sold above and half below)
Decreased 16.25% from $220,900 in August 2007 to $185,000 in August 2008.

Average Days on Market:
Days on Market for August 2008 was 77 days average.

Pending Contracts:
Decreased 14.26% from1,024 in August 2007 to 878 in August 2008.

Active Listings:
Decreased 13.30% from 8,954 in August 2007 to 7,763 in August 2008.

New Listings:
Decreased 16.47% from 2,337 in August 2007 to 1,952 in August 2008.

July 2008 Housing Market Report

2008-08-22T07:15:00.000-07:00

July 2008 Residential Housing Report

KEY INDICATORS CONTINUE TO SHOW IMPROVEMENT IN THE
TUCSON REAL ESTATE MARKET... according to the Tucson Association of
Realtors Multiple Listing Service July '08 Monthly Statistical Digest. The consistent
strength in the year to date sold and closed units, plus fewer listings coming on the
market (1,000+ fewer tjam July '07) are reflected in the July Tucson listing inventory
number that dipped below 8,000 units for the first time since March 2006 (28 months
ago).

The Tucson July Median Sales Price continues to hover around $200,000, with the
largest number of reported Solds in the Northwest area (241 sales), and the Central
Home Sales Volume: Decreased 23.92% from $316,549,145 in July 2007 to $240,837,426 in July 2008.

Home Sales Units: Decreased 20.04% from 1,182 in July 2007 to 945 in July 2008.
Average Sales Price (all residential types): Decreased 4.84% from $267,808 in July 2007 to $254,854 in July 2008.

Median Sales Price (the price at which half the homes were sold above and half below): Decreased 7.88% from $217,000 in July 2007 to $199,900 in July 2008.

Pending Contracts (new transactions subject to contract in the month): Decreased 45.98% from 1,777 in July 2007 to 960 in July 2008.

Active Listings: Decreased 9.39% from 8,692 in July 2007 to 7,876
in July 2008.

New Listings: Decreased 39.30% from 2,766 in July 2007 to 1,679
in July 2008.

The July Median Sales Price for Single Family Residences was $210,000, for Condos was
$137,000, for Townhomes was $169,000 and for Manufactured Homes was $105,000.

Even though we are seeing the Active Listing Inventory shrinking, it is still a Buyer's Market.

First Time Homebuyers may qualify for the $7500 Tax Credit under the recently passed Federal Housing Stimulus Bill, and remember a First Time Homebuyer is someone who has not owned a home in the past three years.

Buyers can certainly benefit in this quickly changing market by working with a knowledgeable Realtor who knows the local market, including the values of our neighborhoods, and the availability of low interest rate home loans.

For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-990-8477 or visit www.tucsonhouses4you.com

Why Buy Right Now?

2008-08-14T12:51:00.001-07:00

It is a great time to buy! Buy before these changes to FHA financing take effect October 1st:

*Minimum downpayment is increasing from 3% to 3.5%

*Many sources of down-payment assistance will no longer be available

*Long Companies’ Home Closing Guarantee:
On Time Closing & Closing Costs Guaranteed

Your Home Closing Guarantee Includes:
On Time Closing Guarantee 1 - If your loan from Long Mortgage doesn’t close on your new home by the initial close date stated in your purchase contract due solely to Long Mortgage or Long Title delay, we will at closing either (1) reimburse you one monthly principal and interest payment OR (2) credit you $1,000 toward closing costs, whichever is greater.

Closing Cost Guarantee 2 - Should your actual closing costs be OVER the amount quoted in the Good Faith Estimate, we will credit you the difference at closing.

A full title search & commitment on lot and block property that you are purchasing within 48 hours after receipt of the order from escrow.

Sufficient time to approve your title commitment during the inspection period.

A LSR (Loan Status Report / Conditional Loan Approval) will be in your hands at no additional cost prior to your property search.

No charge for your appraisal should your contract fall through during the inspection period.

To put Long Companies’ Home Closing Guarantee to work for you, please contact a Long Mortgage Consultant, Tony Poe, at 520-918-1651 or email at tonyp@longmortgage.com

July 2008 Tucson Housing Report

2008-08-14T09:24:00.000-07:00

July was a very good month for our industry in many ways! Our listing inventory has dropped below the 8,000 mark for active listings. We have not been below 8,000 listings since March of 2006.

New listings are also down by 19.86%.This is just another sign that we are continuing to see market improvement. July has historically been a slower month with a decrease in sales from June 2007 to July 2007 of 21.72%.

I am happy to report that the decrease in sales for June 2008 over July 2008 is 9.53%. There is virtually no change in the median sales price, it appears to have stabilized currently at $199,900.

Short Sales, Steal of a Deal?

2008-07-31T07:04:00.000-07:00

Have you ever had one of those phone calls that make you shake your head indisbelief? I had one this afternoon. A local home buyer called wanting a"short sale expert" to help her buy a short sale property.

I asked her why a short sale? Her reply was, "because they are greatdeals. I can get a home for really cheap."

I then asked her why she thought short sales were better deals thatnon-distressed listings and her reply was, "Because I have seen thelistings".

She hung up on me while I was explaining that a list price is notnecessarily the price a lender will accept for a Short Sale and that ShortSales are not a "steal of a deal" but that lenders will want fair marketvalue for these homes.

This conversation made me realize just how uneducated the public and manyRealtors are on the topic of Short Sales.Here is food for thought:

1. The short sale listing agent may not be listing the property at arealistic price for a short sale. Banks are not obligated to accept anyoffer, no matter what the listing price is.

2. Banks are taking a loss from past market values, so they want currentmarket value in the sale, even if it is at the bottom of market value, itwill still be market value. They will be ordering a third party BrokerPrice Opinion, so they will not be basing their decision on the word of thelisting agent.

3. If the bank is willing to discount the property to an extreme value, itmeans that the property probably needs a lot of work to make it livable.

4. There are usually better "steal of a deal" from a seller who has equityand willing to negotiate to move quickly.

Think twice before you think or believe that Short Sales are a Great Steal.Some can very fair but I don't think the majority of short sales are thesteal that this buyer was thinking of.

For more information on short sales or for assistance with buying or selling Tucson area Real Estate, call Julie Nellis, Long Realty, 520-918-2843 or visit www.tucsonhouses4you.com

The Housing Stimulus Bill

2008-07-30T12:04:00.000-07:00

The Housing Stimulus Bill effects all home buyers and sellers so it is important to understand it. I have found this article from the National Association of Realtors the most readable and understandable explanation.

National Association of REALTORS®Summary of Key Provisions of H.R. 3221 - The Housing Stimulus Bill (as of 7/30/08)

H.R. 3221, the “Housing and Economic Recovery Act of 2008,” passed the House on July 23, 2008, by a vote of 272-152. On Saturday, July 26, 2008, the Senate passed the bill by a vote of 72-13. The President signed the bill on July 30, 2008. The bill includes the following provisions:

GSE Reform – including a strong independent regulator, and permanent conforming loan limits up to the greater of $417,000 or 115% local area median home price, capped at $625,500. The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

FHA Reform – including permanent FHA loan limits at the greater of $271,050 or 115% of local area median home price, capped at $625,500; streamlined processing for FHA condos; reforms to the HECM program, and reforms to the FHA manufactured housing program. The downpayment requirement on FHA loans will go up to 3.5% (from 3%). The effective date for reforms is immediate upon enactment, but the loan limits will not go into effect until the expiration of the Economic Stimulus limits (December 31, 2008).

Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).

FHA foreclosure rescue – development of a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008.

Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use of downpayment assistance programs funded by those who have a financial interest in the sale; does not prohibit other assistance programs provided by nonprofits funded by other sources, churches, employers, or family members. This prohibition does not go into effect until October 1, 2008.

VA loan limits – temporarily increases the VA home loan guarantee loan limits to the same level as the Economic Stimulus limits through December 31, 2008.

Risk-based pricing – puts a moratorium on FHA using risk-based pricing for one year. This provision is effective from October 1, 2008 through September 30, 2009.

GSE Stabilization – includes language proposed by the Treasury Department to authorize Treasury to make loans to and buy stock from the GSEs to make sure that Freddie Mac and Fannie Mae could not fail.

Mortgage Revenue Bond Authority – authorizes $10 billion in mortgage revenue bonds for refinancing subprime mortgages.

National Affordable Housing Trust Fund – Develops a Trust Fund funded by a percentage of profits from the GSEs. In its first years, the Trust Fund would cover costs of any defaulted loans in FHA foreclosure program. In out years, the Trust Fund would be used for the development of affordable housing.

CDBG Funding – Provides $4 billion in neighborhood revitalization funds for communities to purchase foreclosed homes.

LIHTC – Modernizes the Low Income Housing Tax Credit program to make it more efficient.

Loan Originator Requirements – Strengthens the existing state-run nationwide mortgage originator licensing and registration system (and requires a parallel HUD system for states that fail to participate). Federal bank regulators will establish a parallel registration system for FDIC-insured banks. The purpose is to prevent fraud and require minimum licensing and education requirements. The bill exempts those who only perform real estate brokerage activities and are licensed or registered by a state, unless they are compensated by a lender, mortgage broker, or other loan originator.

For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-918-3843 or visit www.tucsonhouses4you.com

Tucson Active Adult Communities-Still a Great Investment

2008-07-18T17:27:00.000-07:00

Market Conditions for Tucson Active Adult Communities
From "Realty Times .com" July 18, 2008

Tucson's Active Adult Communities are weathering this volatile market fairly well. Prices have stabilized at pre-boom levels. Homes are selling but with longer market time. Short Sales and Foreclosures are rare in these communities so there is no downward spiral in values based on distressed properties. Buyer's visiting open houses in these communities are ready to buy as soon as their homes in our feeder markets of California, the Northwest, the Midwest, East Coast and Colorado sell. After the long, hard winter sellers in these areas are starting to see their traditional spring market start now. Lower prices and pent up demand is expected to attract buyers this summer which in turn will bring buyers to Tucson.

SaddleBrooke is on track for close to 200 homes sales this year with an average sale price of $409,000. With just 135 homes for sale it's still a Buyer's Market with a lot of great deals to be had.

Sun City Vistoso has seen a significant drop in average sale price from $318,000 in 2006 to $283,000 in 2007 to $274,000 for the first half of 2008. This has resulted in a lot of homes sold this year. With only around 50 homes for sale, Sun City is no longer a Buyer's Market, however, there is still a good selection of homes.

Heritage Highlands has 16 months of inventory and is a Buyer's Market and an average sale price is $310,000.

Vistoso Village is a stable market with only 6 months of inventory and an average sale price of $250,000.

Sunflower is also stable with 7-1/2 months of inventory and an average sale price of $213,000.

This is a wonderful opportunity to make a smart buy in Tucson. Inventory is still high, price reductions have been taken and motivated sellers are ready to negotiate.For seller's aggressive pricing and top notch marketing is the key to successful selling in Tucson. With market stabilization, sellers continue to see a good return on their real estate investment in Tucson.

If you want to know more about Tucson's Active Adult Communities or the Tucson area Real Estate Market, call Julie Nellis, Long Realty, 520-918-3843 or visit www.tucsonhouses4you.com

Julie can help you buy the home of your dreams or help you sell your current home so you can follow your dreams.

2008-07-18T16:40:00.000-07:00

FHA Down Payment Grants
AmeriDream ProgramAmeriDream is a non-profit organization dedicated to helping people find affordable housing. Part of the AmeriDream mission is to help low and moderate income families buy homes by offering down payment assistance. Buyers who are qualified for an FHA loan but don't have the money for down payment and/or closing costs are eligible to apply for AmeriDream down payment assistance:

*A down payment gift of up to 10% (typically 3%-6%) of the purchase price.
*A true gift-the down payment assistance is not repaid by the home buyer
*Home buyer must have an approved FHA home loan or pre-approved FHA loan.

To participate in the AmeriDream down payment assistance program, buyers should;

*Get pre-approved for an FHA mortgage and start looking for a home.
*Make an offer on the home you want to buy and get a ratified contract.
*Your loan officer applies for the AmeriDream down payment assistance program on your behalf.
*You will receive a "Notice of Gift Approval" from AmeriDream.
*Close the deal on your new home.

The seller must participate in the AmeriDream program, but your loan officer can assist a seller in signing up for the program by showing where and how to apply. For your home buying needs, the loan officer will handle your application for AmeriDream down payment assistance, but may require additional information from you to help fill out the form. AmeriDream is just one of many organizations offering down payment assistance to those with FHA approved home loans. If you have been pre-approved for an FHA mortgage loan but don't meet the income requirements for the AmeriDream program, keep looking. There are several down payment assistance programs with no income requirements or restrictions.

Down payment assistance programs generally require the seller to pay a fee to participate. This fee is considered a payment for services rendered and not a tax-deductible charitable contribution. http://www.fha.com/program_ameridream.cfm

To see if you qualify for the Ameridream Program, contact Tony Poe with Long Mortgage, 520-918-1651 or e-mail tonyp@longmortgage.com Tony can help you find the right loan program for you.

For more on Tucson Real Estate call Julie Nellis, Long Realty at 520-918-3843 or go to www.tucsonhouses4you.com

Julie can assist you in finding the home of your dreams or help you sell your home so you can follow your dreams.

KEY MARKET INDICATORS FOR TUCSON REAL ESTATE

2008-07-18T12:48:00.000-07:00

DAYS OF INVENTORY

DOI dropped yet again and as of June 2008 stands at 236 days or slightly under 8 months of available product. This represents a 8% decline from the prior month and within 11% of 212 DOI in June 2007.

The downward trend in DOI continues, each month a step closer to a balanced market. In some localized areas of Tucson DOI is a low as 3 months, so it is possible that in some market segments a bottom may have already been reached. In fact median pricing has held relatively steady in Tucson in 2008 – an important sign to potential stabilization.

Days of Inventory (DOI) reflect the time period required to sell all the properties on the market given the number of closed transactions in the preceding month, provided no new product becomes available. This is an excellent benchmark to show the velocity of transactions in relation to the market inventories. This measurement is a broad one and will vary (in some cases dramatically) by price range, location and type of property.

ACTIVE INVENTORY LEVELS

Active inventory levels in the Tucson MLS continue to trend lower. June 2008 saw 8,140 residential properties available. This represents a 6% decline from June 2007 and a 5% decline from May 2008.

Closings in June 2008 were at 1,034, up slightly from the prior month and 16% lower than June 2007.

This is the fifth month in a row Tucson has seen a reduction in active inventory along with an
increase in closings. There are some well priced properties on the market, and buyers would serve themselves well to work with a professional real estate agent who is knowledgeable in the local market to navigate to the best opportunities. Market conditions can vary greatly by geographic area and price – real estate is in fact very localized.

For more on the Tucson Real Estate Market, call Julie Nellis, Long Realty, 520-990-8477 or visit her website at www.tucsonhouses4you.com

Julie Nellis can help you find the home of your dreams or sell your current home to follow your dreams.

June 2008 Tucson Housing Report

2008-07-18T12:00:00.000-07:00

Market Continues Towards Stabilization As we approach the second half of 2008 we continue to see market improvement. We see the total unit sales continue to rise for the sixth consecutive month while the active listings continue to decrease. Home sales volume as well as average
sales price is still on the rise.

We also see improvements quarter over quarter with increases in sales volume and reduction in average sales price, which continues to reflect a buyers market.

Modest near-term movement is expected in existing-home sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of REALTORS®.

With interest rates staying under 6.5% it is a great time to buy a home in Tucson.

New Listings-June 2008- 2,095 2007-2,820 May 2008-2,282 2007-2,960

Median Sales Price-June 2008-$200,000 2007-$225,000 May 2008-$201,000 2007-$223,000
Average Sales Price-June 2008-$257,449 2007-$293,443 May 2008-$250,803 2007-$278,619

Pending Contracts-June 2008-951 2007-2,053 May 2008-1,485 2007-1,191

Active Listings-June 2008-8,140 2007-8,665 May 2008-8,527 2007-9,721

Active/Sold by Zip Code
85614 342/33 85715 164/20 85742 306/33
85701 40/3 85716 181/41 85743 350/40
85704 238/34 85718 423/51 85745 322/28
85705 208/26 85719 220/32 85746 322/33
85706 431/49 85730 208/42 85747 184/48
85710 284/54 85735 107/8 85748 144/26
85711 205/37 85736 62/2 85749 215/11
85712 210/38 85737 311/42 85750 350/46
85713 309/28 85739 257/32 85755 298/22
85714 56/3 85741 184/22 85757 139/20

For more information on Tucson Real Estate call Julie Nellis, Long Realty, 520-918-3843 or visit her website at www.tucsonhouses4you.com

Julie Nellis can help you find the home of your dreams or sell your current home so you can follow your dreams.

Westside Gated Community Family Home

2008-06-13T11:54:00.000-07:00

3551 N. BANNER MINE DR.

Range Priced $295,000-$340,000

MLS#20821528

4 Bedroom 3 Bath 2904 sq. ft. Built 2000

3 Car Garage Formal Living Room Formal Dinind Area

Family Room Breakfast area Breakfast Bar Pantry

Game Room Covered Patio Pool Gated Community

Home Backs Up To Green Belt Area

Sellers will accept or counter offers between $295,000-$340,000

For more information and pictures, visit:

http://www.tucsonhouses4you.com/Nav.aspx/Page=/ListNow/Default.aspx

http://www.longrealty.com/julien/20821528

Call Julie Nellis for all your Tucson Real Estate needs, 520-918-3843

or visit www.tucsonhouses4you.com

May 2008 Tucson Housing Report

2008-06-13T11:45:00.000-07:00

For the third month in a row, we have seen an increase in unit sales and we surpassed 1000 units in May.

With May behind us, our local numbers continue to support the direction of a recovering market. Home Sales Volume increased 4.12% over April 2008, Home Sales Units increased 5.34% over April 2008, New Listings decreased 6.51% and Active Listings decreased 3.19%.

Thanks to the restructuring of the government loans many of today's buyers and sellers are reaping the benefits.

While the average days on market are steady at 77 days the ratio between the list price and sales price averages at 95.34%. We hope to see the recovery process continue.

Home Sales Volume
Decreased 34.93% from $395,081,716 in May 2007 to
$257,072,764 in May 2008.

Home Sales Units
Decreased 27.71% from 1,418 in May 2007 to 1,025 in
May 2008.

Average Sales Price (all residential types)
Decreased 9.98% from $278,619 in May 2007 to
$250,803 in May 2008.

Median Sales Price
Decreased by 9.86% from $223,000 in May 2007 to
$201,000 in May 2008.

Pending Contracts (not yet closed in escrow)
Increased 24.68% from 1,191 in May 2007 to 1,485 in
May 2008.

Active Listings
Decreased 12.28% from 9,721 in May 2007 to 8,527 in
May 2008.

New Listings
Decreased 22.9% from 2,960 in May 2007 to 2,282 in 2008.

Call Julie Nellis, Long Realty, for all your Tucson Real Estate needs. 520-918-3843 or visit www.tucsonhouses4you.com

Tucson Market Report April 2008

2008-06-02T13:15:00.000-07:00

With the first quarter of 2008 behind us, our industry is continuing to show small signs of recovery. No one is denying that the market is certainly not where it was in 2007; although the quarterly statistics for 2008 show a slight but steady increase month over month.

According to NAR research, increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the severely stressed housing finance market by immediately infusing much needed liquidity into the nation's mortgage market.

An economic impact study conducted by NAR earlier this year estimated that increasing the GSEs' conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.

Some of the factors to look for in a recovering market are active listings, new listings and pending contracts. With an increase of 27.11% in pending contracts over 2007, a decrease in active listings by 15.20% over 2007 and a decrease in new listings by 20.87% it would appear that Tucson is headed in the right direction.

Home Sales Volume
Decreased 32.76% from $367,164,710 in April 2007 to
$246,878,039 in April 2008.

Home Sales Units
Decreased 26.17% from 1,318 in April 2007 to 973 in
April 2008.

Average Sales Price (all residential types)
Decreased 8.91% from $278,577 in April 2007 to
$253,729 in April 2008.

Median Sales Price
Decreased by 13.30% from $224,921 in April 2007 to
$195,000 in April 2008.

Pending Contracts (not yet closed in escrow)
Increased 27.11% from 1,217 in April 2007 to 1,547 in
April 2008.

Active Listings
Decreased 15.20% from 10,387 in April 2007 to 8,808
in April 2008.

New Listings
Decreased 20.87% from 3,085 in April 2007 to 2,441 in
April 2008.

FANNIE MAE NEW POLICY

2008-06-02T13:00:00.000-07:00

Fannie Mae Announces Single National Down Payment Policy;
Replaces Policy Regarding Markets Where Home Prices are Declining

WASHINGTON, DC – Fannie Mae (FNM/NYSE) today announced a new, national policy on down payment requirements for conventional, conforming mortgages the company will purchase or guarantee. Starting June 1, 2008, Fannie Mae will accept up to 97 percent loan-to-value ratios for conventional, conforming mortgages processed through its Desktop Underwriter® (DU®) automated underwriting system, and 95 percent loan-to-value ratios for loans underwritten outside of DU, in all geographic locations in the United States. The new national down payment policy will supersede the policy the company adopted in December 2007 that required higher down payments in markets where home prices are declining.

“As another part of our ‘Keys to Recovery™’ initiative, we are today announcing that we will be equalizing the down payment requirements for borrowers in all parts of the country, regardless of local market conditions,” Marianne Sullivan, Senior Vice President, Single-Family Credit Policy and Risk Management, said. “This new down payment policy reinforces our goal to support successful home-owning, not just home-buying, as we seek to bring liquidity to all communities and help the housing market recover.”

The new national down payment requirements of 3 or 5 percent will apply to loans for purchase of single-family, primary residences. Down payment requirements will vary for other occupancy, property and transaction types. The company will implement systems and operational changes over the summer to accommodate the new national policy.

“We are able to adopt this new, national down payment requirement, even in markets where home prices are declining, because our new automated underwriting risk assessment model DU Version 7.0 will limit risk layering and assess each loan more precisely,” Sullivan added. “At the same time, we believe that equity matters, especially in this market. Down payments are a critical success factor in homeownership – and responsible lending is good business.”

Since the housing correction began, Fannie Mae has expanded its mortgage guaranty business to serve the market’s urgent need for stability, liquidity and affordability. The company also undertook steps to help protect borrowers, manage the increased credit risk in the market, and fortify the company’s capital position. Among these steps, the company has continued to assess and establish new pricing, eligibility and underwriting criteria for its business that more accurately reflect the current risks in the housing market and guard against the potential for foreclosure. These changes have been incorporated into DU and have included adjustments to credit risk assessment, loan-to-value ratios and down payment requirements, among other factors.

Among the changes in response to market conditions, in December 2007 Fannie Mae adopted a “Maximum Financing in Declining Markets Policy” that restricted the loan-to-value ratios on properties in markets where home prices are declining, essentially requiring higher down payments in these markets. The new single national down payment policy announced today will supersede that policy.

Fannie Mae Senior Vice President Jeff Hayward stressed the company’s commitment to special affordable lending programs to support homeownership for families of modest means. “We are stepping up to provide more liquidity and affordability to some of the most distressed communities while also seeking at least a 3 percent down payment investment through our Desktop Underwriter system from borrowers to help ensure their success.”

Fannie Mae will continue to provide support for homebuyers that need down payment assistance, and will continue to allow loans with Community Seconds® up to a maximum 105 percent combined loan-to-value ratio. Community Seconds allow a borrower to obtain a second-lien mortgage to help cover down payment and closing costs, with funding typically provided by a state or local housing agency; an employer; or a nonprofit organization. Fannie Mae also offers MyCommunityMortgage® and Flex mortgage products, which permit down payment assistance programs in the form of gifts and grants.

“We recognize that down payment assistance programs remain a viable tool for borrowers who can afford a mortgage long term, but might need a little help getting started,” Sullivan said.

As part of its “Keys to Recovery” initiative, Fannie Mae is expanding its partnership with the National Council of State Housing Agencies. The company will provide up to $10 billion in financing to help Housing Finance Authorities (HFA) serve first-time homebuyers of modest means. In some cases, Fannie Mae will purchase HFA mortgages that have greater than 97 percent loan-to-value ratios.

The first “Keys to Recovery” initiative that Fannie Mae announced on May 6, 2008 also includes: streamlined refinancing for Fannie Mae borrowers whose mortgage balances exceed the value of their homes; improved pricing for jumbo-conforming mortgages to help borrowers in high-cost areas; and a neighborhood stabilization initiative with the Center for Community Self-Help for targeted areas with high home foreclosures.

Fannie Mae is a shareholder-owned company with a public mission. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. In 2008, we mark our 70th year of service to America’s housing market. Our job is to help those who house America.

Key to Recovery is trade marked, and Desktop Underwriter, DU, Community Seconds and MyCommunityMortgage are registered marks of Fannie Mae. Unauthorized use of these marks is prohibited

Contact Julie Nellis, Long Realty, for assistance with the Tucson, Arizona Real Estate Market.

www.tucsonhouses4you.com

March 2008 Tucson Real Estate Report

2008-04-14T07:27:00.000-07:00

Spring is here and we are all reminded why we live in the Southwest! March has fallen right in line with the annual trend when we usually start to see things pick up. The Sales Snapshot continues to show that our market is down from 2007 and while that is not new news, on a high note, the statistics from February 2008 to March 2008 show that we are in a recovery phase. This is the information that is going to show us where our market conditions are currently.

Home Sales Volume: Increased 25.29% 2/08 $186,129,758 3/08 $233,207,940
Average Sales Price: Decreased 1.15% 2/08 $262,155 3/08 $259,120
Pending Contracts: Increased 30.67% 2/08 1,079 3/08 1,410
Active Listings: Decreased 1.59% 2/08 9,168 3/08 9,022
New Listings: Increased 0.49% 2/08 2,432 3/08 2,444
Home Sales Units: Increased: 26.76% 2/08 710 3/08 900
Median Sales Price: Increased 0.05% 2/08 $199,900 3/08 $200,000

Home Sales Volume Decreased 35.64% from $362,397,582 in March 2007 to $233,207,940 in March 2008.Home Sales Units Decreased 32.78% from 1,339 in March 2007 to 900 in March 2008.
Average Sales Price (all residential types) Decreased 4.25% from $270,648 in March 2007 to $259,120 in March 2008.

Median Sales Price Decreased by 9.42% from $220,815 in March 2007 to $200,000 in March 2008.

Pending Contracts (not yet closed in escrow) Increased 18.28% from 1,192 in March 2007 to 1,410 inMarch 2008.

Active Listings Decreased 11.41% from 10,185 in March 2007 to 9,022 in March 2008.

New Listings Decreased 9.81% from 2,710 in March 2007 to 2,444 in March 2008.

As you can see, our market is starting to turn the corner in a small but positive way.2008 IS the time to buy a home!

Eastside Townhouse For Sale

2008-04-09T11:55:00.001-07:00

9257 E. DESERT SANDS LANE

(Harrison/Broadway)

MLS#20812356

*2 Bedroom *2 Bath *1450 sq. ft. *2 Car Garage *Built 1974 *Community Pool

*Fireplace *Updated Kitchen *Updated Baths *Dual Pane Windows *New Water Heater

*Formal Dining *Screened-in Back Patio *Carpet and Wood Flooring *Oak Cabinets

For more information call Julie Nellis, Long Realty, 520-918-3843 or visit her website at www.tucsonhouses4you.com

FHA Loan Update

2008-04-09T11:53:00.000-07:00

Great News! The new FHA top loan amount for a 1 Unit property is $316,250 starting March 17th, 2008.

The seller can pay up to 6% of Closing Costs and Prepaid items, but no more than the actually Closing Costs and Pre-paids on the HUD. Also, the Ameridream and Nehemiah programs are still available for down payment assistance to the buyer. The Ameridream and Nehemiah programs allow for the seller to contribute 3% to the buyer for their down payment.

If the seller will agree to the Ameridream/Nehemiah program and be willing to pay the buyer's closing costs and pre-paid items, then the buyer could potential close on the property with ZERO dollars out of their pockets

February 2008 Housing Report

2008-04-09T11:39:00.001-07:00

The 2008 Southern Arizona Real Estate market is slowly improving! Remember that Real Estate is local and we have excellent news from HUD that the limits for an FHA loan in Pima County have been raised from $239,850 to $316,250 on a 1 unit single family residence with a 3% down payment. This is a better increase than we anticipated and with 6,534 homes currently on the market priced under $327,000 this will open up a new level of opportunity for buyers and sellers.

Even though home sales volume and unit sales are down from February '07 the numbers are up from January '08 by +17.60% for Home Sales Volume and +19.52% for Home Sale Units. The average sales price for a home increased +1.01% over February '07 from $259,516 to $262,155 in February '08. The median sales price has decreased from February '07 from $219,500 to $199,900 for February '08. This is slightly down from January '08 which was $205,450.

Pending contracts increased to 1,317 February '08 an increase of 20.38% over the February '07 count of 1,094. Our active listings decreased 6.89% from 9,847 in '07 to 9,168 in '08. Active listing numbers are ironically the same as January 2008 at 9,168 but differ in price range categories. New listings in '08 increased from 2,376 in '07 to 2,432 in '08, an increase of 2.35%

February has started to pave the way for a positive 2008. We can look forward to spring and all of the new opportunities that have become available with the new limits for FHA financing.

Update on the Marana FEMA issue

2008-04-09T11:25:00.001-07:00

The following is a letter from the Marana Mayor, Ed Honea, in regards to the FEMA flood zoning of the Marana area.

March 19, 2008
Dear Marana Resident:

It won't be long before the Town of Marana has a better idea of where it stands with FEMA. It's a decision that will affect thousands of residents.

Late last summer, FEMA tried to unilaterally place much of Northwest Marana in the floodplain without detailed study. Town management, council and personnel took objection and began a process that caused FEMA to reverse course and withdraw its proposed maps, allowing the Town the time to perform a study.

The most important part of the decision process soon will be in place. Earlier this year, the Town contracted with CMG Drainage to perform a large scale drainage study of the areas affected by the FEMA remapping and their associated watersheds, mainly the Tortolita Mountains. That area is where FEMA contends that flood waters will originate and run through Northwest Marana.

A preliminary analysis of the true floodplains is scheduled to be submitted to the Town, Pima County Flood Control District and Pinal County Flood Control District in may for review. Once the local jurisdictions agree on the analysis, it will be forwarded to FEMA headquarters in June.

All of this is taking place because FEMA has spent the past three years redefining what should be considered a levee. The tragedy of Hurricane Katrina in 2005 added impetus tot he project. FEMA has been reluctant to consider the Central Arizona Project canals, Union Pacific Railroad tracks and the Interstate 10 as providing flood protection. That's why their proposed mapping places much of Northwest Marana-mostly west of I-10 in the floodplain.

We believe the study will show that most of the potentially affected area is not prone to sheet flooding off the mountains because these levee-like structures do provide protection. In recent weeks, FEMA has seemed to be more willing to work with us on this issue, mostly thanks to Congresswoman Gabrielle Giffords' and Senator Jon Kyl's involvement.

I hope to tell you later this year that everything has worked in our favor and that the drainage study has proven that FEMA's assumption, which were made without proper study, were wrong. It will be a few months before anything is official, but we are moving toward a resolution.
--Marana Mayor Ed Honea

January 2008 Housing Report

2008-04-09T10:56:00.001-07:00

The Real Estate market in Southern Arizona has an interesting year ahead in 2008! As the markets begin to wake up from the holiday hibernation, there is nothing but better news for the months ahead.

Although both home sales volume and unit sales numbers were below what they were in January of 2007, the average sales price for a home decreased only 2.17% from $272,351 in January '07 to $266,450 in January '08. The median sales price decreased 7.65 from $220,365 in January '07 to $203,500 in January '08.

Pending contracts increased to 1,079 in January '08, an increase of 25.03% over the January '07 count of 863. Our active listings decreased by 5.89% from 9,742 on '07 to 9,168 on '08. New listings in '08 increased from 3,499 on '07 to 3,744 in '08, an increase of 7.00%

January has typically been one of the slower months in the Tucson real estate market, but in following sales trends of the past, the market should pick up in early spring.

With 2007 behind us we can look forward to all of the opportunities in our industry for 2008! Tucson and its surrounding communities are continuing to grow and prosper due to all of the amazing amenities that Southern Arizona has to offer new home owners from all around the country. Affordable housing, low interest rates and government backed financing will assist in the upswing in the real estate market for 2008! It is time to spread the word!

Do Open Houses Sell Houses?

2008-04-09T10:45:00.000-07:00

by Binyamin Appelbaum March 26, 2008 04:03 PM
'Tis the season for open houses. But what if open houses are a waste of time?
I think many sellers see an open house as a sign that their real estate agent is trying. So they want an open house, or two, or three. The irony is that many real estate agents say they mostly hold open houses to convince the seller that they are trying. It seems to be fairly common wisdom in the real estate industry that open houses don't sell houses. The rule: Serious shoppers make appointments.
There's another thing sellers should know: Agents aren't just agreeing to hold open houses as a form of appeasement. An open house is a wonderful place to find new clients -- people looking for a new home, and those thinking about selling.
This is not necessarily good for you, the seller. Imagine a potential buyer walks into your kitchen. They want to buy a home, but they're not sure this is the right one. 'No problem!' says the agent. 'I've got another five homes similar to this one. Maybe you'll like one of those better.'
An extreme example of this is an agent in Phoenix who posted on a discussion site that he likes to hold open houses in empty homes where he hangs on the walls pictures of other houses that he's trying to sell. If you owned that home, how angry would that make you?
Or take the following blog post by entitled, "Is it stupid to hold an open house?"
There are just two valid reasons for an agent to hold an open house and neither of them has much to do with selling the house being held open. Reason 1: find stray (motivated) buyers (those that do not have an agent) and become their agent. Reason 2: meet neighbors who will later want to sell their home.
For buyers, I think the advantage is it lets you see houses on your maybe list without having to make an appointment. Sometimes someone buys something. But not very often.

December 2007 Housing Report

2008-01-17T07:37:00.001-08:00

Tucson's stabilized Real Estate Market continues....According to the Tucson Association of Realtors Multiple Listing Service December 2007 Housing Report. Considering seasonality and comparing December '07 with the same month '06, we see a consistent improvement in the number of New Contracts opening escrow (799 Nov. '07) which, when coupled with fewer new listings coming on the market, creates a shrinking listing inventory of 8708 residential units. In fact the 1590 new listings entering the market was the lowest number since early 2005.

At the Tucson Association of Realtors' Annual Forecasting Summit on 1/15/08, Dr Lawrence Yun, national Association of Realtors Chief Economist shared his predictions for the 2008 Tucson Real Estate Market, which included;

Most declines have already happened; Any further declines will be neighborhood specific and minor; the Buyer pool is growing with a pent-up demand, including the Baby Boomers, the retirees, and the international buyer; Tucson benefits from being a "Work Class Recreational" region commanding a high premium; a job growth rate that should support home price appreciation. Other comments from the Leader's Panel on "what makes Tucson's market different" included;

High population and job growth, income growth; Relatively low cost of living; Lower than nation unemployment rate, Availability of mortgage loans including FHA loans; Almost 4500 residential homes available under $250,000; A declining new construction inventory/ starts; A foreclosure rate on "non sub prime' mortgages lower than the national average. Yes, we still have very affordable housing when compared to other western cities.

There is no better time to buy a home than in 2008!

Home Sales Volume: Decreased 30.79% from $256,382,100 in December 2006 to $177,453,788 in December 2007.

Home Sales Units: Decreased 30.48% from 981 in December 2006 to 682 in December 2007.

Average Sales Price (all residential types): Decreased .4% from $261,348 in December 2006 to $260,196 in December 2007.

Pending Contracts (transactions subject to contract buy not yet closed escrow): Increased 17.84% from 678 in December 2006 to 799 in December 2007.

Active Listings: Increased 2.23% from 8,518 in December 2006 to 8,708 in December 2007.

New Listings; Decreased 11.17% from 1,790 in December 2006 to 1,590 in December 2007.

November 2007 Residential Housing Report

2008-01-05T09:54:00.000-08:00

The Real Estate market is local....and the Tucson Association of Realtors November 2007 housing report's indicators show a stable market continues when comparing November '07 to November '06.

For the sixth consecutive month new contracts opening escrow, listing inventory and new listings coming on the market all supported the positive trend when compared to November 2006;
The 910 new contracts opening escrow compare with 891 in November 2006.
The active listing inventory of 9234 is slightly fewer than the 9238 in November of 2006.
New Listings coming on the market of 2224 were also fewer than the 2380 in November 2006.

The National Association of Realtors has projected that the existing-home sales will trend up in 2008, with this same trend that we see in Tucson, being seen less dramatically in other cities. Lawrence Yun, NAR chief economist has said, "Now that mortgage conditions have improved, some postponed activity should turn up in existing home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels."

Home Sales Volume: Decreased 22.10% from $262,678,000 in November 2006 to $204,906,024 in November 2007.

Home Sales Units: Decreased 23% from 982 in November 2006 to 759 in November 2007.

Average Sales Price (all residential types): Increased 1.72% from $267,493 in November 2006 to $269,968 in November 2007.

Median Sales Price (the price at which half the homes were sold above and half below): Decreased 2.30% from $218,000 in November 2006 to $213,000 in November 2007.

Pending Contracts: Increased 2.13% from 891 in November 2006 to 910 in November 2007.

Active Listings: Decreased .04% from 9,238 in November 2006 to 9,234 in November 2007.

New Listings: Decreased 7.65% from 2,380 in November 2006 to 2,224 in November 2007.

Interest Rates January 4, 2008

2008-01-05T09:51:00.000-08:00

30 Year Fixed 5.750%
30 Year Fixed VA 5.875%
30 Year Fixed FHA 5. 875%
15 Year Fixed 5.250%
Jumbo 30 Year Fixed 6.625%

Catalina Foothills Home For Sale

2008-01-02T08:41:00.000-08:00

1305 E. THUNDERHEAD CIRCLE
MLS#20749276
$440,000

3 Bedroom 2 Bath 1951 Sq. Ft. Built 1973 .80 Acre 2.5 Car Garage

Formal Dining Room, Fireplace in Living Room, Swimming Pool, Wet Bar,

Breakfast Bar, Large Covered Back Patio, Newer Appliances, Family Room

Contact me for more information on this fantastic foothills home nellisja@aol.com or www.tucsonhouses4you.com 520-918-3843

Home Loan Interest Rates 12/31/07

2008-01-02T08:29:00.000-08:00

30 Year Fixed 6.000%
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6.125%
15 Year Fixed 5.500%
Jumbo 30 Year Fixed 6.875%

Current Home Loan Interest Rates

2007-12-15T10:58:00.000-08:00

30 Year Fixed 6.125%
30 Year Fixed VA 6.250%
30 Year Fixed FHA 6. 250%
15 Year Fixed 5.875%
Jumbo 30 Year Fixed 7.000%

Contact me for more information on Tucson Real Estate, Julie Nellis, Long Realty, 520-918-3843 or nellisja@aol.com

Current Interest Rates

2007-12-10T07:40:00.000-08:00

30 Year Fixed 6.125%
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6.125%
15 Year Fixed 5.875%
Jumbo 7.125%

For more information on the Tucson Real Estate Market contact me at nellisja@aol.com 520-918-3843 or visit my website at www.tucsonhouses4you.com

Interest Rates November 26, 2007

2007-11-27T07:02:00.001-08:00

30 Year Fixed 6.00%
30 Year Fixed VA 6.125%
30 Year Fixed FHA 6. 125%
15 Year Fixed 5.75%
Jumbo Fixed 7.00%

Contact me for more on the Tucson Real Estate market, nellisja@aol.com or www.tucsonhouses4you.com

October 2007 Active vs Closed Properties

2007-11-21T07:54:00.000-08:00

Active properties on the market increased for the 4th straight month to 9,313 units available. This increase was small each month and would reflect typical seasonality. This number is actually 23 units lower than October 2006 which is not statistically a significant difference. These do reflect high numbers when compared to 2005 numbers where October had just 5,330 units available. The large inventory does present a pretty compelling story to buyers to take advantage of a market slanted to their favor.

Closed units are not as strong as prior years and reflects the lowest October in recent history at 790 units. This is 305 units less than October of 2006 which is a 28% drop. The good news is that there is an increase from September closings which suggests that irregularity in the significant drop in closings that month could have been more isolated to delays in closing as a result of the turmoil in the lender market. Regardless this does show that sellers must be extremely competitive in order to get buyer attention.

To search the current active Tucson area Real Estate listings, visit www.tucsonhouses4you.com

October 2007 Days of Inventory

2007-11-21T07:43:00.000-08:00

Days of Inventory (DOI) reflect the time period required to sell all the properties on the market given the number of closed transaction in the preceding month provided no new product becomes available. This is an excellent benchmark to show the velocity of transaction in relation to the market inventories. This measurement is a broad one and will vary (in some cases dramatically) by price range, location and type of property.

October numbers improved from September DOI and dropped to 12 months inventory. There are some seasonally market functions which generally show increasing days of inventory as we move into the fall but we are still way beyond the last few years. October of 2006 showed just 8.8 months available so that shows DOI increased by 38% from that point.

This is a particularly opportune time for buyers in the market place and a particularly difficult market for sellers. Only properties that are generally in good condition and competitively priced are seeing much activity. Home sellers in the under $400,000 range are particularly impacted by the homebuilder competition who have sliced their pricing by more than 10% in some cases for inventory/spec homes.

To search for active Tucson area Real Estate, visit my website at www.tucsonhouses4you.com

October 2007 Monthly Sales Statistics

2007-11-21T07:34:00.000-08:00

Home Sales Volume:
Decreased 29.10% from $292,204,700 in October 2006 to $207,178,347 in October 2007.

Home Sales Units:
Decreased 27.85% from 1,095 in October 2006 to 790 in October 2007.

Average Sales Price:
Decreased 1.72% from $266,854 in October 2006 to $262,251 in October 2007.

Pending Contracts:
Increased 26.98% from 782 in October 2006 to 993 in October 2007.

Active Listings:
Decreased .25% from 9,336 in October 2006 to 9,313 in October 2007.

New Listings:
Decreased 16.97% from 2,886 in October 2006 to 2,399 in October 2007.

To search for Tucson Real Estate, visit my website at www.tucsonhouses4you.com

October 2007 Tucson Market Report

2007-11-21T07:26:00.000-08:00

For the fifth consecutive month, new contracts opening escrow in '07 exceeded the same month in 2006. The October 2007 shows 993 new pending contracts, and the October 2006 shows 782. This indicates there are more buyers in the market finding their dream home and making offers and sellers are more receptive to these offers.

This consistent monthly increase in new contracts pending is reflected in the increase in the October 2007 total closed units of 790 units, an increase of 107 units over Septembers numbers.

Additional good news indicates the active listing inventory has declined for the fifth consecutive month, with October '07 showing an inventory of 9,313, a decline even when compared to October '06. The 2,399 new listings coming into the market are less than the September number, as well as the same month last year.

The year to date average sales price is $274,480. The year to date median sales price remains at $220,000, the same median as 2006 for the same period.

Regardless of the national media, we must remember Real Estate is local. I heard someone tell a group "there is no national weather forecast....same with real estate....it's all local."

Judy Lowe-MLS President

Current Interest Rates for November 16, 2007

2007-11-17T14:41:00.000-08:00

30 Year Fixed 6.25%
30 Year Fixed VA 6.25%
30 Year Fixed FHA 6.25%
15 Year Fixed 5.87%
Jumbo Fixed 7.00%

Call me with all your Tucson area Real Estate needs.

Visit www.tucsonhouses4you.com for more information on Tucson Real Estate

Home Loan Rates for October 29, 2007

2007-10-29T16:51:00.000-07:00

30 year fixed conventional 6.25%
30 year fixed VA 6.375%
30 year fixed FHA 6.375%
30 year Jumbo 6.750%

Contact me for more information on the Tucson Real Estate Market www.tucsonhouses4you.com

September 2007 Tucson Market Report

2007-10-18T13:05:00.000-07:00

Once again, according to the Tucson Association of Realtors Multiple Listing Service September 2007 housing report, we see an increase in new contracts opening escrow (989 units) compared to the same month in 2006. This is the fourth month this has occurred-thus supporting the belief the local Tucson real estate market has stabilized.

There is still a surplus of listing inventory (9,190) especially in specific areas of the community, which may require particular attention of the Sellers and the Listing Agents to the "up to the minute" values and the condition of the property.

The average sales price continues to climb, with September average being $279,025. However, as we see with seasonality, the median sales price showed a decline to $215,000, which should not impact the 2007 year to date median average of $220,290.

It's impossible to time any market. Right now, interest rates are very favorable, buyers have lots of options, and there are many mortgage programs available to meet the needs of today's buyers.

Tucson Real Estate Market Activity for October 10,2007

2007-10-11T10:43:00.000-07:00

New Listings 158
Price Reductions 122
Contingent Sales 46
Pending Sales 24
Closed Sales 28
Expired Listings 26

Visit my website for more information on the Tucson Real Estate Market www.tucsonhouses4you.com

Tucson Market Activity for October 9, 2007

2007-10-10T10:35:00.000-07:00

New Listings 197
Price Reductions 125
Contingent Sales 44
Pending Sales 49
Closed Sales 44
Expired Listings 33

Tucson Market Activity for October 4, 2007

2007-10-05T09:15:00.000-07:00

New Listings 212
Price Reductions 124
Contingent Sales 33
Pending Sales 32
Closed Sales 34
Expired Listings 30

For more information on the Tucson Real Estate Market visit my website at www.tucsonhouses4you.com or contact me nellisja@aol.com

Tucson Market Activity for October 3, 2007

2007-10-04T11:14:00.000-07:00

New Listings 151
Price Reductions 130
Contingent Sales 35
Pending Sales 14
Closed Sales 36
Expired Listings 37

Contact me for more information on Tucson Real Estate. www.tucsonhouses4you.com

Tucson Market Activity for October 2, 2007

2007-10-03T14:21:00.000-07:00

New Listings 167
Price Reductions 119
Contingent Sales 36
Pending Sales 32
Closed Sales 36
Expired Listings 24

Contact me for more information on Tucson's Real Estate Market.

TIPS ON AVOIDING FORECLOSURE

2007-10-03T13:52:00.000-07:00

The following advice is from the U.S. Department of Housing and Urban Development

If you are unable to make your mortgage payment:

1. Don't ignore the problem.The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.

6. Contact a HUD-approved housing counselor.The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets. Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies. You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.10. Don't lose your house to foreclosure recovery scams!If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

SHORT SALES

2007-10-03T13:44:00.000-07:00

The following was written by Michelle Lind-counsel for the Arizona Association of Realtors-July 2007

Unfortunately, some homeowners today owe more on their home than what the property is worth. Some programs that were intended to make it easier to obtain financing and increase homeownership resulted in loans that required small or no down payment, interest-only loans that do not build equity, and other loan programs that require such small payments that the loan amount actually increases rather than decreases. As a result, some homeowners have negative equity in their homes. Stagnant or decreasing property values add to the problem. Homeowners who financed their homes with loan programs with low initial rates of one percent to two percent will experience dramatic increases in their monthly payments when the loan resets to the market rate. These and other factors have contributed to a striking increase in home loan defaults and foreclosures.

Short Sales A homeowner in default who owes for example, $300,000 on a property that is worth $250,000, may be able to convince the lender to allow the home to be sold for less than the loan amount, or even accept less than the amount owed as payment in full. This is known as a short sale. A lender may agree to a short sale to save the costs associated with a trustee’s sale, such as attorney’s and trustee’s fees, eviction, and resale costs. Additionally, a lender may agree to a short sale because if the property is foreclosed upon, the loan becomes a "non-performing" loan on the accounting books, which may affect the funds that the lender can obtain from the Federal Reserve for other loans.

Seller Considerations When considering a short sale, the seller must first determine how much is owed on the property. For example, in addition to the delinquent loan, there may be a home equity loan, past due homeowner’s association fees or unpaid property taxes. Then, the seller must add the costs of a sale, such as closing costs, escrow fees and brokerage commissions. All of the seller’s debt and costs must be factored in before determining whether a short sale is feasible.The seller should also be aware of some of the downsides to a short sale. A short sale could affect the seller’s credit score. Further, even if a lender agrees to a short sale, the lender, the VA, or the FHA may require the seller to pay the difference as a personal obligation. The outstanding debt could result in a subsequent collection action. Therefore, the seller should be certain of the terms of any short sale before making a decision and obtain any debt forgiveness agreement in writing. Also, a short sale is a relief of and may be treated as income for tax purposes. A lender who forgives a debt must submit a 1099 form to the IRS indicating the amount the borrower has been forgiven. (Note: The NATIONAL ASSOCIATION OF REALTORS® supports proposed legislation that would change this tax law.) Different lenders have different short sale department names, so contacting the person who has the authority to authorize a short sale on behalf of the lender may require some tenacity. The appropriate department may be called the loss mitigation, work-out, foreclosure, loan modification or loan reinstatement department. To accomplish a short sale, the seller must convince the lender that it will fare better by agreeing to a sale for less than the outstanding loan amount. A short sale may involve more documentation than the original loan application since the seller must “reverse qualify” and prove that the seller is financially incapable of paying the loan.

Contact me for all your Tucson area real estate needs!

TRAPPED BY THE MORTGAGE MELTDOWN

2007-10-03T13:40:00.000-07:00

"Tighter lending standards have put many home sellers, owners and buyers in a bind. Here's how to escape it." Click here to read the rest of this great article:
http://money.cnn.com/2007/09/13/real_estate/mortgage_meltdown.moneymag/index.htm

Tucson Market Activity for September 30, 2007

2007-10-01T08:52:00.000-07:00

New Listings 51
Price Reductions 21
Contingent Sales 6
Pending Sales 8
Closed Sales 10
Expired Listings 250

Contact me to learn more about the current Tucson Market.

Tucson Real Estate Market Activity for September 20, 2007

2007-09-21T08:47:00.000-07:00

New Listings 168
Price Reductions 123
Contingent Sales 35
Pending Sales 31
Closed Sales 46
Expired Listings 43

Please contact me for all of your Tucson Real Estate needs, nellisja@aol.com

August 2007 Market Review

2007-09-16T08:35:00.000-07:00

Given the news surrounding the local mortgage market last month, Tucson's real estate market has fared better than we expected. The National Association of Realtors has lowered their existing-home sales forecast, based largely on unusual disruptions in the mortgage market. However, here in Tucson we did not see a drastic decline in unit sales-the total units sold for August 2007 are down only 79 units from last month, and are still above levels we saw in January and February of this year.

Average and median sales price have also rebounded in August 2007 after falling from June to July. The average sales price in August 2007 totaled $273,932 up over $5,000 from August 2006. Median sales price rose to $220,000 down $900 from this time last year.

This just goes to show that the saying "all real estate is local" is very true. Tucson has a unique real estate market that withstands many of the pressures seen on the national level. There are still many mortgage lenders in Southern Arizona that can serve local buyers.

Tucson Real Estate Market Activity for September 15, 2007

2007-09-16T08:12:00.000-07:00

New Listings 52
Price Reductions 56
Contingent Sales 8
Pending Sales 9
Closed Sales 6
Expired Listings 58

Visit www.tucsonhouses4you.com to search for properties on the Tucson MLS system.

It Is Time To Take A Deep Breath

2007-09-14T12:36:00.000-07:00

By BEN STEIN
Published: September 9, 2007
"WHO would ever have dreamed that credit could be so thrilling? And yet tremors and shivers over credit, and especially over subprime mortgages, have led to some real panic in the financial markets, and rings of fire in the ventricles of the coldest-hearted financiers......." to read the whole article, click here https://longmail.longagent.com/exchweb/bin/redir.asp?URL=http://www.nytimes.com/2007/09/09/business/09every.html?_r=1%26oref=slogin

Home Mortgage Interest Rates

2007-09-14T12:32:00.000-07:00

30 Year Fixed 6.125%
30 Year Fixed VA 6.500%
30 Year Fixed FHA 6.500%
15 Year Fixed 6.000%
30 Year Jumbo 7.750%

Tucson Real Estate Market Activity for September 13, 2007

2007-09-14T12:14:00.000-07:00

New Listings 188
Price Reductions 97
Contingent Sales 27
Pending Sales 23
Closed Sales 39
Expired Listings 18

Visit www.tucsonhouses4you.com for more on Tucson Real Estate

Tucson Real Estate Market Activity for September 11, 2007

2007-09-12T09:53:00.000-07:00

New Listings 169
Price Reductions 138
Contingent Sales 42
Pending Sales 34
Closed Sales 31
Expired Listings 22

For more on Tucson Real Estate, visit my website at www.tucsonhouses4you.com

Tucson Real Estate Market Activity September 6, 2007

2007-09-07T07:21:00.000-07:00

New Listings 156
Price Reductions 142
Contingent Sales 46
Pending Sales 37
Closed Sales 53
Expired Listings 29

For more information call me at 520-918-3843 or visit my website at www.tucsonhouses4you.com

Tucson Market Activity for September 4, 2007

2007-09-05T12:26:00.000-07:00

New Listings 166
Price Reductions 143
Contingent Sales 34
Pending Sales 19
Closed Sales 57
Expired Listings 31

Visit my website at www.tucsonhouses4you.com for more information on Tucson Real Estate or to search all active listings.

Home Loan Interest Rates for September 4, 2007

2007-09-04T17:12:00.000-07:00

30 year fixed 6.500
30 year fixed VA 6.625
30 year fixed FHA 6.625
15 year fixed 6.250
3 year ARM 6.625
5 year ARM 6.500
Jumbo
30 year fixed 7.875

Visit my website at www.tucsonhouses4you.com for more information on Tucson Real Estate.

Tucson Real Estate Market Activity for September 3, 2007

2007-09-04T17:10:00.000-07:00

New Listings 168
Price Reductions 133
Contingent Sales 44
Pending Sales 28
Closed Sales 69
Expired Listings 31

Visit my website at www.tucsonhouses4you.com for more information on Tucson Real Estate.