Tucson Real Estate Blogs » July 2008 Tucson Residential Sales Report

Tucson Real Estate & Golf Properties

Douglas Trudeau , Assoc. Broker
Prudential Foothills Real Estate
64 N. Harrison Road, Suite 160
Tucson , AZ 85748
Mobile: 520-954-2209
Contact Me

July 2008 Tucson Residential Sales Report

The official numbers from TAR are out. With the anticipated seasonal decline in sales for July, residential home sales were slightly higher than predicted. Eight months ago I predicted 927 sales, 945 sales were officially reported, as of this writing 949 sales were recorded for July. Tucson home sale units decreased by 8.61% over that of June, which can be expected. July always has a 8–9% lower sales volume than June.

The number of available homes repeated previous months by decreasing an additional 3.24%. We have seen inventory decrease for several months. We are now below 8,000 available homes. A good sign for a recovering home market. Continual good news for home sellers and the local real estate market. I predicted that we will see a very healthy market when we reach 7,000 available homes. We are headed in the right direction. Not there yet, but, getting there.

By the numbers:

Home Sales Volume: Decreased 9.53%

6/08 $266,202,280
7/08 $240,837,426

Average Sales Price: Decreased 1.01%

6/08 $257,449
7/08 $254,854

Pending Contracts: Increased 0.95%

6/08 951
7/08 960

Active Listings: Decreased 3.24%

6/08 8,140
7/08 7,876

New Listings: Decreased 19.86%

6/08 2,095
7/08 1,679

Home Sales Units: Decreased: 8.61%

6/08 1,034 (1,056 actual)
7/08 945 (949 actual)

Median Sales Price: Decreased 0.05%

6/08 $200,000
7/08 $199,900

The Tucson Association of Realtors also reported some interesting actions that are impacting local and the national real estate market. Let me share this exert from the TAR report with you…

Housing and Economic Recovery Act of 2008 Provisions
Provided by the National Association of REALTORS®

• Homebuyer Tax Credit - a $7500 tax credit that would be would be available for any qualified
purchase between April 9, 2008 and June 30, 2009. The credit is repayable over 15 years (making
it, in effect, an interest free loan).
First-time homebuyer tax credit chart

Frequently asked questions about the first-time homebuyer tax credit

• 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.
FHA Foreclosure Rescue Chart

• Seller-funded downpayment assistance programs – codifies existing FHA proposal to prohibit the use
of down payment 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.
More about the seller-funded down payment assistance provision
Tips to finding down payment assistance programs (PDF)

• 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.
More about the CDBG funding provision

• 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.

This entry was posted on Wednesday, August 13th, 2008 at 9:11 am and is filed under Tucson Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Tucson Real Estate Blogs & Golf

Submit Email For Feed

Really Simple Syndicate

July 2008 Tucson Residential Sales Report

Leave a Reply

Categories

Archives

Favorites

Tucson Golf

Blogroll