Tucson, Arizona

Chris Porter of John Burns Real Estate Consulting releases City-by-City price comparisons for 2008.

Tucson is no longer the sleepy cow town that is depicted in popular western movies  filmed at  "Old Tucson Studios" in the last 70’s. Nicknamed as Arizona’s Hollywood in the Desert.

Buyer’s that are relocating to Tucson need to understand that the housing market is a local market. Tucson is still considered to be a buyer’s market…but that is a relative term. According to the Tucson Association of Realtors housing market stats for April 2008…our market is starting to see some recovery.

If you are a fence sitter and waiting for the market to drop further…you may miss the bottom of the market. I say "Buy" now! Look at the long term investment, interest rates are low…

Median price end of 2007: $235,000

Median price end of 2006: $239,000

Percent change: -1.5%

Projected change through Q# 2008: -15.4%

Affordability rating: 5.7

Foreclosures in 2007: (1 for every 96 households) 4,239

Foreclosures in 2006: (1 for every 168 households) 2,422

Change in foreclsoures: +75%

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