Tucson AZ Home Loan Info

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Inland Sea of Debt: There's Gold In Them Thar' Hills!

Mike in Tucson: Tucson Home Values Underwater

"If you don't have anything good to say, don't say it."  Grandma Michael used to say that.  (Yep.  My first name was my Grandma's last name.  Anna Torp Michael)

The Arizona Daily Star serves a population of more than 1,000,000 people in Greater Tucson.  It has no competition, and yet it's dying a slow death.  This is the "above the fold" story in yesterday's paper.  The entire newspaper was no more than 1/8th of an inch thick as I lifted it off the news stand, and it was folded in half!  There was no Classifieds section on Wednesday.  No comics.  No advertising to support publishing a Classifieds section!

The world is changing around us right now.

Actually, I don't have anything bad to say about the article.  (Grandma would have been proud.)  Finish this sentence:  "The time to buy is when ________________________________."

This is not a sensational headline.  It trumpets opportunity!  The time to buy is when there's blood in the streets.  In this case, the blood is green, and it belongs to the banks who are parsimoniously doling out their inventory of foreclosed homes.  This month has been the best in two years for many of my REALTOR friends, in spite of having to haggle with the banks about commissions on REOs and Short Sales.

  • If you're a buyer there's no time to waste.  Interest rates are firming and headed up. 
    Call your favorite REALTOR.  If you don't know one, call me.  I'll refer you to one you can trust.
  • If you're an Agent in Arizona, double the number of people you're talking to, and you'll more than double your sales.  Three of my next four closings are out of state buyers.  Buyers are on the move again!

I don't know what to say about print media.  Tucson had two newspapers when my Darlin' and I moved here in 1998.  The Tucson Citizen was half an inch thick most days, as was the Arizona Daily Star.  They closed it down last year.  The world really is changing, and we all need to sharpen our focus.  Grandma Michael would have said we need to "mind our p's and q's."  I never did quite understand what that meant; I should have asked...

___________________

I'm Mike in Tucson, your preferred Tucson Mortgage Lender.

NMLS #223495

SUNSTREET MORTGAGE llc ~ Mortgage Bankers, Not Brokers!
Offices in Scottsdale, Tucson, and Nogales, AZ, and Albuquerque, NM.

Reach me any time on my Blackberry (520) 349-9090

Comment balloon 13 commentsMike Jones • May 13 2010 12:25AM

Comments

Mike, I had one of my best years ever last year and this one is starting out great also.  There is gold in them hills.  The time to buy is now!

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) about 10 years ago

Marchel,

Thanks for being the first to comment!  Much success!

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) about 10 years ago

Hi Mike, A very good post.  I used to think our paper was like that. It seemed to me that it used to be. But if you have read any my posts of late, not anymore. They have been treating the market news on housing with optomism and it makes so much difference in what you can learn from the article. Reality is reality and facts are important. But eveything doesn't have to be gloom and doom to make the point. Because in fact, there is opportunity for those that seek it in any market. Millionairs make their biggest gains in down markets on the way up. Good Post Mike.

Posted by William Johnson, Retired Real Estate Professional (Retired) about 10 years ago

William,

Thanks for your thoughtful comment!

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) about 10 years ago

Sign of the pathetic times. The losses are nasty. Some brave soul needs to step up to the plate and admit that the country is in a depression.

Posted by David Saks ((retired)) about 10 years ago

Mike,

It will be good to see your market firm up but for now buyers need to realize now is the time to buy.  There are still plenty of great buys out there.

Posted by Don Rogers, Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes (Keller Williams Realty Chesterfield) about 10 years ago

Mike It would be good to see the economy firm up. I do not read the daily excuse. Too much negativity. I need to focus on the positive...

Helping you help others live their American dream...

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) about 10 years ago

Mike - good points. It IS a good opportunity for many...not all. And it looks like it will take some time to improve.

We are, however, seeing some good signs right now in our area. Time will tell if it is just for a short period or if it will sustain itself. Too many other factors may have an impact - interest rates, shadow inventory, and changes in teh government programs.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California) about 10 years ago

Jeff,

I don't know that there's ever a time that presents good opportunity for all.  When prices were soaring, it wasn't good for buyers, but it was great for sellers.  Right now it's the reverse.  Thanks for stopping by.

Michael,

I understand your point of view.

Don,

Amen!  It's good to see you.

David,

I hear you, and I'm not waiting for that proclamation.  I'm finding opportunity right now and taking care of my family and my business.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) about 10 years ago

Mike - 40% is surprising! I am seeing increased sales around here and fewer short sales, which is a good thing!

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) about 10 years ago

Barbara Jo,

I wish you much success!

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) about 10 years ago

The Tucson Citizen was the paper I read, every day, front to back, except sports.  Not a lot of exciting sports stuff back in the 70's and 80's.  The Tribune went BK up here.  They scaled way back on their delivery area. 

Posted by Doreen McPherson, Phoenix Arizona Real Estate ~ (Homesmart ~ Scottsdale ~ Tempe) about 10 years ago

Mike, I think the silver lining in this is that new buyers coming in to the market are very well qualified. With values and low interest rates making ownership more afforable, I think when this problem is corrected we will have a stronger Real Estate market in the future.

Posted by John Lake, Cape Cod Mortgage Banker (Shamrock Home Loans) about 10 years ago

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