Tucson 30 year fixed interest rates back under 6%
January 16, 2008
Post Tags: Tucson Real Estate , tucson-interest-rates
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
The news of 30 year fixed interest falling below 6% seems to have been lost in a sea of bad news about the economy and the looming recession everyone is talking about but no one seems to be willing to say above a whisper.
Well the economy has been in a recession for over a year now. As Homer Simpson would say D’oh! It seems it took reports coming out on Tuesday to finally convince those on Wall St. that tend to be “Screen sucked” in to their own portfolios and not really living in the real world have to wait for someone to write a report before they can see what is happening all around them.
Tucson saw a reduction on the number of homes sold in 2007 over 2006 by 37% fewer transactions. I would think it is more like 33 - 35% given the mixed bag of reporting of the data as documented on this site over the past few months.
There were few homes sold, but the average sale price was 1.o1% higher for the year. Which indicates the prices are holding while much of the country is seeing declines in both the Number of Homes Sold and the Sale Price those homes.
Meaning, Sale Prices have held steady overall. Yes, there are communities and subdivisions that have seen depreciation in the sales prices this year. The Sales Price to List Price Ratio for December was 95.28%. This means sellers are getting 95 percent of their list price. This doesn’t say they are getting 95% of their “original asking price” but of the list price at the time the property went under contract.
This is all information that added together means, you can buy for about the same as last year, but you can get an interest rate that is below 6%. There is a little more to chose from, but even with higher inventories it doesn’t mean the quality of the inventory is as good as last year. But no one is talking about that.
