Tucson AZ Real Estate

(For those of you reading the Tucson Real Estate News, this isn’t the same post, well kind of the picture is the same and I use some of the same words but. . .)

There was an article in the “Arizona Daily Star” yesterday August 28, 2007. The title of the article (remember titles are to be catchy, not a reflection of truth or reality)

Even in ’scary’ era, some home buyers can still get loans

Don’t cha just love that title. BOO!! SOME HOME BUYERS CAN STILL GET LOANS. Jeez, I thought nobody could get a loan anymore, at least according to what I read in the papers.

If no one can get a loan, then almost nobody can buy a home, and if no one can buy a home what good does it do to sell a home, because if you sell your home you can’t get a loan to buy another one. YIKES! It really is scary out there.

If this keeps up at the pace we are all being lead to believe Halloween and begger’s night might just have to be cancelled this year because their might be plenty of candy but no homes without for sale signs to go to.

Since no one can buy or sell a home it isn’t any wonder real estate agents have stopped coming to the office. What are they going to do at the office? No one can get a loan.

Now we find out we probably could go back to the office and see who is still in the business, because SOME HOME BUYERS CAN STILL GET LOANS. What a huge relief.

It turns out there are a lot of SOME HOME BUYERS out there that not only can get loans but are getting loans.

The premise of this entire article is not about home buyers getting loans, it is about Real Estate agents and their attitude about the market, the real estate market that is, not the stock market which closed up 247 point today. Now that’s a scary market, but that’s another story all together.

Here is how the article started:

“Looking on the bright side of the market slowdown is getting tougher for local real estate agents.

As financial problems increase for mortgage lenders across the country and lending standards tighten, several Tucson agents said they expect the number of buyers probably will shrink too.

“The market’s really scary right now,” said Pamela Young, an agent who has worked with Long Realty Co. for the past 10 years. “There’s a lot of agents who don’t even come to the office anymore.“

I have to stop here and let everyone reading this know just how much this quote from Pamela Young made my day. I mean it. The stock market dropped over 280 point yesterday and Monday wasn’t a fun day on Wall Street either. Then I read this statement about agents not even coming to the office anymore and I laughed out loud on a very Dark Day on Wall Street.

It makes me question the opening sentence as to which market might be referred to here. “Looking on the bright side of the market slowdown is getting tougher for local real estate agents.” I wonder why? Could it be all the bad press the Tucson Real Estate Market is bombarded with on a weekly basis. An example might be. . . Oh, the very article I’m writing about here.

According to the media all real estate agents were shoveling in the money before the “slump”. Yeah! didn’t all the real estate agents make a killing over the past 4 years. Didn’t they take all this loot and invest it in the stock market, all the real estate agents knew it was a “bubble” waiting to burst so why would they invest in real estate?

Reading to the end of the article I can’t find that it ever gets to who these SOME HOME BUYERS are that can still get loans. There is a quote at the end of the article, but it isn’t by a Mortgage source it is a Real Estate source.

Here is the setup paragraph:

“With lending standards tightening, buyers will have to be better-qualified to buy houses. And better-qualified buyers will be less likely to end up getting stuck with adjustable interest rates or falling into default or foreclosure. “

“They have to have a good job, good credit and cash,”

Up until the past few years this represented ALL BUYERS not SOME BUYERS.

I would say it is pretty scary out there when we are being told it is scary that buyers are expected to be willing and able to pay back their loans.

BTW I think the market looks pretty good. Which market you say?

Tomorrow we can talk about “A Sea of Homes for Sale” don’t forget to bring your water wings. : )

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