Vermilion Realty Blog

December 23, 2009

Housing Prices Bottoming In March?

Filed under: Market Info — Tags: — Don Grafues @ 11:46 am
 
We may have already seen a bottom in Cochise County. But there is yet a risk prices could slide.

First American CoreLogic’s LoanPerformance Home Price Index is forecasting home prices to fall 4.2 percent before hitting bottom in March of 2010 in the 45 largest resale markets.

A couple of factors will strongly influence when the bottom is reached and how fast prices recover. One is unemployment. And another will be the number of new foreclosures coming on the market (see our Dec 21 Post "More Foreclosures On The Horizon").

The Midwest (especially Michigan and Ohio) are expected to see further declines greater than 4.2 percent. While the hardest hit areas (California being one) are predicted to have a stronger recovery.

In Cochise County Tucson MLS shows a median price for the 1st 11 months of 2008 of $118,500 while for the same period this year the median price is $128,000.

Don Grafues
Resource: National Association of Realtors® & Tucson MLS
 

November Existing Home Sales Up

Filed under: Market Info — Tags: — Don Grafues @ 8:35 am
 
The original 1st time home buyers tax credit was scheduled to expire at the end of November and the people trying to take advantage of it drove existing home sales up last month , rising 7.4 percent over October. Tucson MLS shows an increase of 15.8 percent for Cochise County with 22 units sold in November. We do not have data for the smaller Sierra Vista MLS.

Another factor driving sales was the low interest rates available on 30 year fixed mortgages. The national average of 4.88 percent was lower than October (4.95 percent) and lower than November a year ago (6.09 percent)

November sales by region were;
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